Cryptocurrencies

Analysis: Shiba Inu Attempts to Rise Above $0.000018 Again


The crypto market started the week very positive. Almost all coins are recovering, and Shiba Inu is no exception. It seems like the coin is on its way to breaking above a key price level. Let’s take a look at the charts.

Banner Shiba 1

How is SHIB doing?

To get a good idea of ​​the past SHIB price, we will first look at the weekly chart. Here, each candle represents 7 days, allowing us to look far back in time. This way, the most important price level becomes clear (red zone). We can also see the trend of SHIB here (indicated by blue and orange arcs).

The large red zone in the image above, which is around a price of 0.000018 dollars, has caused price changes before. Almost every time the price reached this point, SHIB changed direction. It is therefore good to always keep this price level visible in case the price finds its way back.

SHIB has ended up here again after the price dipped below the zone. The coin is doing this while it is in an uptrend. This means that the coin started making higher highs and higher lows. This can be seen in the arcs in the chart above, where the blue arcs indicate the downtrend and the orange arcs indicate the uptrend.

Usually, a trend is a precursor to the rest of the price trend. It therefore seems that the coin wants to recover after making this last higher low. If the coin then rises above the important zone of 0.000018 dollars, SHIB can look forward to a good time. Recovering an old price level usually means a lot of good.

What can we expect?

To analyze this better, let’s also take a look at the daily chart. Here we can see better how SHIB has been moving over the past few days. The coin had a very volatile week, moving between the prices of 0.0000127 and 0.0000177 dollars – a wide playing field.

Now that a new week has started (with a very positive start) the coin seems to want to get above this red level again, but we have to be careful when this does not work. It is also possible that SHIB makes a negative test here, after which the coin can drop. This scenario seems a bit less likely, since the coin is still in an upward trend.

It is therefore better to wait a little longer before we say more about the price. A break above this zone can give the starting signal to go further up, while a rejection at this zone can cause the opposite. Therefore, keep a close eye on this price level.

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