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Shiba Inu Price Nosedive Takes A Hiatus, Can SHIB Reclaim $0.00001 S/R? – Crypto News

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2 years ago

January 19, 2024

Dripp

Shiba Inu price eyes comeback above $0.00001 after respecting $0.000009 confluence support.

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The path of least resistance is gradually changing with Shiba Inu price respecting support at $0.0000092. Although not strongly bullish, the second most prominent meme coin climbed to $0.00000092 during US business hours on Friday. If traders heed key buy signals and enter new long positions in SHIB, this uptick could carry on into the weekend, paving the way for a breakout above the pivotal $0.00001 mark.

Shiba Inu price prediction: Is SHIB Ready To Explode Past $0.00001?

Investors have been jittery about buying digital assets since the sell-off started last week after the Securities and Exchange Commission (SEC) approved Bitcoin ETFs.

The continued weakness, especially witnessed in crypto majors like Bitcoin, Solana, XRP, and more is making the market less attractive. If anything, investors are more inclined to sell crypto to either secure profits or capital than seek fresh exposure at the moment. This dilapidated outlook is generally impacting the technical structure across the board.

As for Shiba Inu, a break above the immediate resistance highlighted by the 20 Exponential Moving Average (EMA) at $0.0000094 is required to affirm the bullish grip.

Such a move would also increase the chances of a buy signal from the Moving Average Convergence Divergence (MACD) indicator. A buy signal materializes when the blue MACD line crosses above the red signal line while red histograms turn green.

Accepting Shiba Inu price above the pivotal level at $0.00001 is the single most important development for the bulls in the short term. The move would not only call upon more traders to bet on SHIB rallying higher but also increase confidence in the bullish thesis.

Although the MACD is bearish in the daily time frame, there’s potential for support at the 200-day EMA currently holding $0.00000898. This support coincides with the expanding cone’s lower trendline making it a very important area.

Shiba Inu price must hold above the confluence support if bulls want to avoid further losses eyeing lower price points like $0.0000085 and $0.000008, respectively.

The sturdiness of the confluence support should not be taken for granted, considering a potential bearish crossover if the 20-day EMA falls below the 50-day EMA.

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