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<\/a> The ongoing correction in SHIB price has found suitable support at $0.000007 walking close to the 61.8 <\/span>Fibonacci retracement level<\/span><\/a>. Within a week, the coin price bounced twice from this support indicating a compelling level of interest from investors seeking to accumulate at a discounted price. Is this demand pressure sufficient to kick-start a new recovery rally?<\/span><\/p>\n <\/p>\n Also Read: Tangem Releases Next Batch of Shiba Inu Hardware Wallets<\/a><\/p>\n As of the time of writing, the SHIB price<\/a> is trading at $0.00000833, marking an intraday gain of 4%. The daily chart presents a notable formation of the morning star candle pattern often interpreted as a potential reversal signal. Should this pattern indeed manifest as intended, it could serve as a catalyst to propel the coin\u2019s price to higher levels.<\/span><\/p>\n If current bullish momentum persists, Shiba Inu coin could potentially witness a 12.5% increase, positioning it to challenge the high of $0.0000093 recorded on August 17th. This particular level is worth mentioning due to the substantial red candle that appeared on the daily chart during that time, accompanied by high trading volume. <\/span><\/p>\n<\/blockquote>\n This combination suggests a significant show of conviction from sellers, underscoring the importance of overcoming this resistance level to solidify a recovery.<\/span><\/p>\n Therefore, a breakout rally beyond this level could drive the Shiba Inu coin approximately 21% higher, setting the stage to hit the $0.00001134 mark<\/span><\/p>\n <\/p>\n For nearly a week, the Shiba Inu coin has traded within the range of the August 17th candle. Considering this sideway as the formation of a range-bound movement, the high($0.00000936) and low($0.00000725) of the above-mentioned candle project strong resistance, and support respectively. Contrary to the bullish outlook, the breakdown below the $0.00000725 mark will extend the ongoing correction.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nShiba Inu Daily Chart: Key Points<\/b><\/h2>\n
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![\"SHIB](\"https:\/\/s3.tradingview.com\/snapshots\/w\/WOyDKj0S.png\")
Source- Tradingview<\/span><\/p>\n\n
Will the Shiba Inu Coin Prolong Correction Trend?<\/b><\/h2>\n
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