With Bitcoin price recording a ~1% drop in the last 24 hours, the crypto market has seen mixed sentiment. Moreover, some tokens have recorded double-digit drops within a few hours. This highlights the increased price volatility in the crypto space.
After that, SHIB price failed to break above the important resistance level of $0.00003080. With the price falling, are you planning to invest in this memecoin before it skyrockets to a new ATH?
SHIB Memecoin Fails to Retest Its Key Resistance Level
After recording a volatile price action over the past week, Shiba Inu price has undergone a significant pullback in valuation this week. Notably, the price has dropped 12.56% over the past day and 20.53% over the past 48 hours.
The simple moving average (SMA) shows a continuous support level for the Shiba Inu price chart on the 1-day time frame. This shows that the buying and selling pressure on the meme coin in the market is increasing.
However, the RSI indicator has turned bearish with the moving average trendline recording a high probability of bearish convergence in the price chart. This shows mixed price sentiment towards the SHIB crypto token.
Will SHIB stock price increase again?
If the bulls sustain Shiba Inu price above the support level at $0.00002350, this could lead memecoin to retest the resistance level at $0.00003080. If the bullish sentiment remains, SHIB price could head towards the overhead resistance level at $0.0000380.
On the other hand, if the bears continue to gain momentum, this memecoin will break the support trendline at $0.00002350 and plummet towards the lower support trendline at $0.000170 in the near term.
To understand the likelihood of memecoin reaching its target price of $0.0001, read our Shiba Inu Price Prediction
