Shiba Inu (SHIB) Ready to Retest $0.00001 – Price Analysis
21 June price sessions saw Shiba Inu knocking a 5-week-old plunging trend-line resistance, following a long bullish candlestick. The breakout attracted buyers as broader markets saw improved sentiments. That pushed the meme token towards the $0.000116 high. Meanwhile, reacting to selling momentum around $0.000012 might welcome a slight drawback to $0.00001.
- SHIB has gained 22.15% within the past four days.
- Long-candle rejection near $0.000012 confirms supply momentum.
- Shiba Inu’s intraday trading volume is $940.6 million, suggesting an 18.2% increase.
Shiba Inu sellers have used a descending trend-line to keep their downside stance within the previous. That saw the token plunging towards the $0.000007197. Nevertheless, SHIB buyers ensured dependable support of around $0.75.
Meanwhile, Shiba Inu bounced from the highlighted foothold, recording a massive 32.85% surge on 21 July. The latest burn activity backed the sudden uptick, supporting buyers to overcome the combined $0.00001 and a descending trend-line resistance.
The after-retest upside move reflected a steady rally with three successive green candlesticks. The recovery upsurge propelled Shiba Inu’s price 22% higher to its current level of $0.0000116. Nevertheless, the long-candle rejection on SHIB’s daily chart today (25 June) and 21 June shows massive supply momentum around the $0.00012 mark. Thus, price reverts might see the altcoin retesting the psychological level at $0.00001. However, stable buying would eventually trigger a 21.5% upswing to $0.000014.
The on-balance volume indicator slope surging with price movements indicates the increasing interest of buyers. The latest price surge overcame the BB’s midline and breached the topside band. Retesting the top band resistance supports the retracement narrative to $0.000012.
- Resistance zones – $0.000012, then $0.000014.
- Support zones – $0.00001, then $0.00000756.
Meanwhile, the broad crypto market sees an improved mood today. While publishing this content, the overall cryptocurrency market capitalization stood at $965.58 billion, gaining 0.49% within the past day. On the other hand, the overall cryptocurrency market volume dropped 24.87% within the last day to $48.03 billion. Moreover, Bitcoin gained 0.31% in 24 hours to $21,453.12.
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