Shiba Inu Price Prediction: Critical Levels to Monitor Immediately

Shiba Inu teeters at make-or-break territory as traders brace for volatility.

Key resistance and support levels emerge as the meme coin faces its moment of truth.

Technical indicators flash mixed signals while retail investors cling to hopium.

Market sentiment swings between 'to the moon' and 'impending rug pull'—because nothing says sound investment like dog-themed cryptocurrency.

SHIB Memecoin To Mark A Bullish Reversal?

The Shiba Inu is currently trading at around $0.00001230 which is also retesting the ascending support. Notably, the $0.0000123 level has been playing an important role since the month of August started, making it a major test point.

The Simple Moving Average (SMA 9) detects a slightly bearish short-term pressure in the price chart above. This type of trend historically suggests a macro bearish trend in the crypto market. The trendline is now above the current price of SHIB memecoin, suggesting buyers will face resistance in a short time, possibly for a longer time period than expected.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a weakening strength, as the MACD line is very close to the signal line. This hints that the bulls are fighting hard to regain a positive momentum in the market.

The short-term performance of Shiba Inu will depend on whether or not it will sustain over the support of $0.00001230. Suppose, bulls defend this area, an advance to the $0.00001305 may be possible as that price point is its next key resistance level.

On the other hand, breakdown risks inviting sellers who may pull the token to its crucial support level of $0.00001165. This price point plays a crucial role for shiba inu price as it has been a major entry point for investors.

SHIB is currently stuck at a crossroad, and the next few sessions will be crucial in letting us know whether the momentum will lean more towards the bulls or vice versa to a correctional move.

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The Crypto Times does not endorse or promote this digital asset in any manner. This article was created only for educational purposes. Make sure to “DYOR” as the market is highly volatile. New positions should be done by traders being careful and awaiting volume-backed breakouts.