Shiba Inu price analysis

Shiba Inu has been stuck between $0.000020 and $0.000030 for the past few days, indicating buying on dips and selling on rallies.

SHIB/USDT daily chart. Source: TradingView

The bulls will try to vigorously defend the $0.000020 level because a break and close below it will start the next leg of the downtrend. The SHIB/USDT pair could then plunge to the 78.6% Fibonacci retracement level of $0.000017.

Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, it will signal that the range-bound action may continue for some more time. The bulls will have to clear the hurdle at $0.000030 to gain the upper hand.