Shiba Inu Returns to Escape Support

  • The Shiba Inu token hit $0.000017 as risk sentiment entered the markets

  • The token is trading at support after losing grip from previous gains

  • Crypto Sentiment Remains Weak, But Shiba Inu Could U-turn On The Rise

Whether Shiba Inu SHIB/USD has returned to the bear market is difficult to answer. However, one thing is certain, Shiba Inu maintains key technical levels. Buyers might be on the verge of taking it higher after the latest downturn.

Shiba Inu is one of the cryptocurrencies that has come back massively recently during the height of the meme-rally. However, the token is back on the drawing board, with losses over the past seven days climbing to 17%. Most other cryptocurrencies are already in the red, indicating widespread corrections.

Shiba Inu falls back into the support zone at the end of the meme rally

Source – TradingView

The current SHIB price coincides with the support at $0.00001242. This is the level of the price that broke and turned bullish following the new meme token rally. We can see that the price is showing some indecision after the latest losses. The bulls are rejecting downside pressure, a major indicator that demand is strong for the meme token.

The momentum indicator shows a bearish price movement. We remain optimistic that if SHIB maintains the support zone, the MACD indicator could turn bullish.

Final Thoughts

While crypto sentiment remains weak, SHIB held key support. The downside pressure is easing as the price shows indecision at $0.00001242. A potential rally is possible if the price maintains its level. Investors should monitor price action and consider trades if sentiment improves.

If SHIB loses hold of the support, the bears will take over. This could bring the price down to $0.000010. The price action over the next few days will dictate the potential direction of SHIB.

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