🦊SHIB Technical Analysis: Will There Be A Rally Between Market Imbalance? 📊 🚀
SHIB technical analysis; meme coin is currently hovering in uncertain waters. There are graphs showing that it must fill the fair value gap (FVG) before a potential rally occurs.
Shiba Inu price analysis: SHIB price rose 0.7% in the last 24 hours, trading at around $0,0001669 during European business hours on Wednesday. The rise in price comes in the middle of the overall market rise caused by the Bitcoin price recovery. Shiba Inu was one of the crypto assets most affected during Bitcoin's price drop.
SHIB Technical Analysis
Shiba's price came out of a descending triangle on June 14 and fell as low as $0.00001266. However, following the overall market recovery, the memecoin rose 32% from its last low.
SHIB technical analysis; the move is below the 2-day, 50-day and 200-day simple moving averages (SMA) that are not bullish for the asset. Just below the last low, there is a zone of market imbalance that must be filled for the asset's price to completely reverse.
SHIB's price action is close to the 21-day SMA, which has been acting as a resistance level for the past 33 days. A break above this indicator could result in more upward movement to the 200-day and 50-day SMA clustered together.
Therefore, the Shiba Inu price prediction suggests that between $0.0000168 and $0.000195, the SHIB price may be one of the toughest resistance zones it can face. A breakout above this region could throw the SHIB price to $0.0000336.
The SHIB price may need to drop by 30% from its current price to fill the fair value gap (FVG) around $0.00011. However, the sooner Shiba Inu clears up this market imbalance zone, the sooner the crypto asset may begin to move upwards. An important support area to follow is at the level of $0.00001361.
