In recent days, Shiba Inu (SHIB) has been on a downtrend amid strong selling pressure in the crypto market. Liquidation of long positions has caused the price to drop below the critical support level of $0.0000283, raising concerns among investors.
Bollinger Bands, which are often used in technical analysis, indicate possible support levels for Shiba Inu. Currently, SHIB price is trading below the moving average of the Bollinger Bands. This suggests that the price could drop to the lower Bollinger Band level of $0.00002438. Reaching this level would mean a near-term drop of around 10% for the token and signal a potential bottom.
In order for Shiba Inu to reverse its downtrend and recover, the price must re-exceed the moving average. In order to regain this level, SHIB is expected to rise by 6.6% from its current price. If this happens, it is thought that Shiba Inu could enter a strong uptrend and show signs of recovery.
SHIB is testing critical support levels with the current decline in price. Technical indicators suggest a potential bottom at $0.00002438, while a renewed breakout of the moving average could help the price recover. It is important for traders to carefully monitor these critical levels and adjust their strategies accordingly.