After spending four consecutive days within the rage area, Shiba Inu requires a move past $0.000040 to enter a recovery phase.
Shiba Inu has recorded lucrative price actions this year. However, the narrative seemed to change in the past day as the altcoin mimicked global market trends, declining by 9.9% during Saturday early trading sessions. With Friday’s 4.2% loss, SHIB ended yesterday at $0.00003641.
Mixed actions early on saw SHIB hitting a morning high at $0.00004054 before retreating. However, failure to overpower the first massive resistance zone at $0.0000439 had the DOGE-competitor falling to a mid-morning low of $0.00003000.
SHIB declined through the initial crucial support floor at $0.000380 and the 2nd at $0.0000355. Moreover, the dog-themed digital coin suffered more declines, falling beneath the 62% Fibonacci of $0.000037.
However, Shiba Inu secured a late morning footing and revisited levels at $0.0000396 before retracing. The correction witnessed Shiba Inu declining through the initial critical support area and 62% Fibonacci, ending yesterday at $0.000037.
While writing this analysis, Shiba Inu tried to rise from its recent fall, hovering above $0.00003650 following a 1.6% surge. However, unpredictable sessions early on Sunday had the meme coin surging towards $0.0000370 before plunging to the $0.0000356 lows.
As the meme coin failed to hit its crucial resistance and support levels, it tested the resistance located at 62% Fibonacci of $0.000037.
Shiba Inu’s Day Ahead
Meanwhile, Shiba Inu has to avoid the critical level at $0.0000357 and surge beyond 62% Fibonacci at $0.000037 for a chance to explore its first critical resistance hurdle at $0.0000413. The meme crypto might necessitate backing from the broad market to crack the obstacle at $0.000040. The first massive resistance at $0.00004054 may prevent upsurges without a continuous rally.
Meanwhile, an extended surge will see SHIB retesting the resistance around the $0.000045 mark. The 2nd crucial resistance stands at $0.0000462. However, declining beneath $0.0000357 will see SHIB hitting the support at $0.0000308. The 2nd critical support area stands at $0.0000251. On the other part, bears need a sustained plunge through 62% Fibonacci of $0.000037 to a short-term bearish outlook.
SHIB’s Technical Indicators
- First Support Level – $0.000037
- Pivot Level – $0.0000357
- First Resistance Level – $0.000045
- 6% Fibonacci Retracement Level – $0.00006987
- 2% Fibonacci Retracement Level – $0.00005680
- 62% Fibonacci Retracement Level – $0.00003700
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