Shiba Inu (SHIB) to Test $0.00002435 Support before Next Upswing

  • Shiba Inu’s price might plunge to explore crucial support levels before another upward rally.
  • The canine-themed crypto might secure dependable support at 21-day Simple Moving Average at $0.00002435.
  • Increased bullish sentiment might shift the trend upward, eyeing $0.00003736.

Shiba Inu’s price heads lower as bulls catch a breath before targeting higher value zones. The prevailing chart formation indicates a possible 27% upsurge to $0.00003736. However, the positive case will play out after Shiba Inu discovers dependable support.

SHIB Price to Gain 27%

The Dogecoin competitor created a falling wedge setup, highlighting a bullish picture for SHIB. The optimistic outlook emerged after the alt broke past the topside boundary on 6 February. Nevertheless, it seems that Shiba Inu might plummet to navigate crucial defense lines before the upcoming uptrend.

The meme coin will have its first footing at 50-day SMA around the $0.00002799 mark. Additional defense lines for Shiba Inu will appear at 200-day Simple Moving Average at $0.00002617, then 21-day Simple Moving Average of $0.00002435.

If selling momentum continues urging SHIB price might plunge toward the governing technical pattern’s upper boundary near $0.00002222, then to 8 October lows around $0.00002060. Shiba Inu price tagging these lower zones might show the momentum switched downward, possibly ruining the highlighted bullish outlook.

Nevertheless, magnified buying strength will see SHIB price aiming 23.6% FIB retracement of $0.00003411, then 100-day Simple Moving Average near $0.00003509. More buyers joining the marketplace may push the meme coin higher, exploring the optimistic target of around $0.00003736. Higher aspirations might eye the 38.2% FIB retracement region at $0.00004467, then the 50% retracement mark near $0.00005321.

While publishing this post, Shiba Inu rides downside waves near $0.00002822, ranking 14 by market capitalization. The current fall mimics the bearishness of the overall crypto space. Large-cap cryptocurrencies have dropped over the past 24 hours. Bitcoin could not sustain its leg up past the critical obstacle at $45K, changing hands to around $42,320 at this publication.

Nevertheless, crypto experts remain optimistic for the market, awaiting uptrends. Buyers need to maintain vital levels to support the anticipated upside rally. It could be fascinating to watch the upcoming price reactions. Stay around.

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