Shiba Inu Price Eyes Rally to $0.00005 After This Final Pullback
Shiba Inu Price: Failing to reach the $3 Trillion market cap, the crypto industry takes a hit this week. With a sudden fall in Bitcoin price under $68,000 the meme coin industry is under a sell-off phase. Amidst the correction, the SHIB price shows a rise in selling pressure and a bearish wedge in play. Will the meme coin bounce back or is further correction underway?
Being the second highest-ranking meme coin in the crypto industry, the Shiba Inu price is known for sharp volatile moves. Amidst the recent market correction, the meme coin faces a sharp sell-off leading to an 11% in the last 24 hours.
In the larger picture, the price movement in the past two weeks showcases a falling wedge under formation. Currently, the SHIB price trades at $0.000028 and tests the bottom support trendline.
Further, as per the Fibonacci retracement levels, the SHIB price is testing the 50% level in coherence with the trendline. Hence, the chances of a bullish reversal for the meme coin are on the plus side with a critical demand level being challenged.
Will Shiba Inu Bounce Back?
As per the 4H chart analysis, the Shiba Inu coin trend is under extreme supply pressure under market pullback. Further, with a potential drop in the Bitcoin price, the meme coin sector could take a plunge.
On the price action front, with the sellers challenging the $0.000027 support signals a potential bounce back. In such a case, the uptrend could reach the overhead trendline close to the 38.20% Fib level at $0.000032.
A potential breakout from this resistance will signal the continuation of the recovery trend and surpass the $0.00005
Conversely, in a bearish breakdown, in case of an extended market pullback, the meme coin could drop to $0.000023.
