Shiba Inu Price Recover: These Levels Are Important To Watch On The Way To ATHs
A crypto analyst identified as ‘MonoCoinSignal’ on TradingView has shared varying forecasts for the Shiba Inu price. As the second-largest meme coin stages a recovery to a new all-time high, this analyst has outlined key resistance and support levels to watch out for
Shiba Inu Price Recovery Depends On These Levels
MonoCoinSignal has published a detailed Shiba Inu price analysis, outlining key technical indicators and levels that could determine its next move toward an ATH recovery. Currently trading at $0.000013, the Shiba Inu price reflects a sharp decline from its previous high of $0.000015 on March 10.
On its 1-hour chart, the TradingView analyst highlights that the SHIB is currently testing a key support zone around the $0.000011 level. If its downtrend persists, the meme coin is expected to fall toward additional support levels at $0.0000105 and $0.000010.
Currently, Shiba Inu’s price is trading below the short-term Moving Averages (MA), solidifying its bearish position within this time frame. Its Relative Strength Index (RSI) is also approaching oversold territory, suggesting a potential price bounce if buying pressure picks up.
Predicting a potential bullish case scenario, MonoCoinSignal highlights three key resistance zones to watch out for: $0.0000127, $0.000014, and $0.000015. The analyst suggests that these levels could trigger a strong rebound for the meme coin.
Notably, if Shiba Inu can hold above the support level at $0.000011, it could stage a rally to the aforementioned resistance zones between $0.0000127 and $0.000014. Due to the market’s recent declines, MonoCoinSignal has acknowledged that any gains experienced by the price will be limited and short-lived.
Currently, SHIB’s bearish performance aligns with the broader crypto market downtrend, with numerous meme coins and altcoins taking a hit after Bitcoin crashed below $85,000. The TradingView analyst mentions that Shiba Inu’s current market trend highlights a bearish position from the medium to long term.
With recent X social media reports revealing an increase in SHIB token burns, the TradingView analyst believes that the gradual supply reduction could eventually fuel a price increase in SHIB over time.
SHIB Uptrend At Risk If Price Breaks Support
On the flip side, MonoCoinSignal has also shared a bearish case scenario for the Shiba Inu price if the downtrend persists. The analyst has predicted that if selling pressures trigger a break down below the support level at $0.000011, Shiba Inu could slide towards new lows around $0.00001051 or $0.00001001.
While Shiba Inu’s recent token burns highlight a positive long-term outlook, the analyst suggests that their impact is unlikely to trigger a significant surge in this short time frame. With the SHIB price facing both bullish and bearish possibilities, MonoCoinSignal urges investors and traders to monitor the market for catalysts that could either positively or negatively influence the meme coin’s next move.
Featured image from Unsplash, chart from Tradingview.com
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