Analysis: Will Shiba Inu be able to get back above $0.000024?
Shiba Inu dropped below an important price level a few days ago. This resulted in a decline of 10%, but it was bought up almost immediately. The currency is currently trying to rise above this price level again, which could cause a positive price development. Let’s look at the graphs.
How is Shiba Inu doing?
To get a good idea of this price level and SHIB’s recent price action, let’s first look at the daily chart. Here each candle represents 24 hours. The price level is shown below as a blue zone, which is around a price of 0.000024 dollars. In addition, we see two blue lines that only become important when the coin rises above this price.
As you can see, this zone has its origins around March of this year, when SHIB made a huge increase. When the price fell back, it found support here, allowing the currency to bounce back several percent.
In April, SHIB fell below this price level for the first time, causing the price to fall below 0.000019 dollars. The currency has now struggled with this level several times. The coin has not yet managed to make higher highs, but the coin is making higher lows. It is therefore not possible to say with certainty whether the currency is in an upward or downward trend in the short term.
The fact remains that the currency is still trading below this price level. The price only seems to be able to take a positive turn again if it rises above the price of 0.000024 dollars. In that case, the coin can also attempt to make higher heights again.
The short-term price
To better analyze the price, we will also briefly look at the 4-hour chart. Here you can see the same blue zone, but more zoomed in. Here we can clearly see how often the currency has reacted to this zone.
As mentioned, SHIB is currently attempting to get back above this price. If this does not work, it could cause a very negative price development. At the moment there is certainly a chance, as the coin is only moving just below this level. So the coin may now test negative, but there is still hope.
Indeed, if SHIB rebounds and moves above $0.000024, the coin may attempt to climb back toward the blue lines (as shown in the first chart). Until then, all we can do is keep an eye on the chart and hope that the coin finds enough buyers to make this positive scenario a reality. Therefore, keep a close eye on the price and these levels.
