Shiba Inu’s Recovery Wave Hinges on Breaking Key Resistance Levels
If Shiba Inu manages to settle above the $0.0000078 and $0.0000080 levels, it could potentially initiate a recovery wave. However, it currently faces several challenges.
Shiba Inu Price Faces Uphill Battle
Over the past few days, SHIB price has experienced a steady decline, falling below the crucial support at $0.0000080. However, it found support near the $0.0000074 zone and is now attempting a recovery wave.
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Nevertheless, SHIB price is trading below the $0.000008 level and the 100 simple moving average (4 hours). Additionally, a key bearish trend line has formed with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair.
Resistance and Support Levels to Watch
The main resistance to overcome is near the $0.0000080 level. A break above this level could propel the price towards $0.0000088 and potentially even $0.0000092.
If the $0.0000078 resistance is not cleared, Shiba Inu price could face further losses. The initial support level lies at $0.0000075, followed by major support levels at $0.0000074 and $0.0000072. A downside break below $0.0000072 could lead to an extended decline towards the $0.0000070 zone.
Technical Indicators
The MACD for SHIB/USD is currently indicating a slowing pace in the bearish zone, while the RSI is below the 50 level.
Hot Take:
Shiba Inu’s recovery largely depends on its ability to break through key resistance levels. While there is potential for a rebound, failure to surpass these levels could result in further losses for SHIB price.
