Shiba Inu Fails to Retrace Back - Will SHIB Price Recover?
Shiba Inu is the second meme coin in the series, ranking 14th with a market cap of $5,692,504,449 and a circulating supply of 549,063,278,876,302 SHIB, indicating its strength as a payment token rather than a storage value. With 95% of its supply already entering liquidity, investors may be bullish on the token, but sentiment shows the potential for consolidation in the coming days.
The Shiba Inu has bounced back significantly from the June 2022 lows and jumped significantly with furious buying sentiment. The current profit booking observed since Sunday last week suggests a negative outlook in the short term. Read our SHIB forecast to know whether you should invest in the coin or not.
SHIB price
Shiba Inu price has currently failed to even test the 2022 highs of $0.00003394 and is trading on a negative move from this value. SHIB entered several consolidation zones, but in the long run it won with a positive price bias trend. The RSI indicator has shown stronger buying sentiment whenever this token breaks out of its negative trend.
A breakout of the downtrend on June 21, 2022 showed that buyers are perceiving a better buying opportunity. More such price jumps may bring the Shiba Inu back to previous heights. However, in a number of cases, it needs to jump significantly to return to its January 2022 highs.
MACD has already marked the beginning of a bearish crossover pattern, but from the positive axis, which may help in the uptrend of this token. Shiba Inu has strong resistance level at $0.00001434 and support level at $0.00000561. The current value indicates a lack of potential for the Shiba Inu to return to positive and strong sentiment.
The recent price action was similar to a rejection in the upper band of the consolidation zone, followed by a red candle that was overtaken by a larger profit margin. The candle is near the previous day's low, indicating that sellers are testing buying sentiment. A pullback from current levels towards the upper band of this consolidation should be considered a short-term buy indicator with breakout potential.
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