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Home Crypto

Will Shiba Inu price provide buy signal before exploding to $0.0000200

LiveBetPro by LiveBetPro
August 25, 2022
in Crypto
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(Akash Girimath – FXStreet)

– Shiba Inu price tightens in a range after crashing roughly 30% between August 14 and 20.

– Investors can be optimistic about a retest of the volume point of control at $0.0000118 if it arrives. 

– A daily candlestick close below $0.0000118 will invalidate the bullish thesis.

Shiba Inu price is looking to find a stable support floor that doubles as a launching pad after it undid its explosives rally in under a week. This development could take SHIB to the volume point of control (POC), where large buyers are likely to step in and trigger another rally.

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Shiba Inu price in a bullish retracement

Shiba Inu price completely undid its 35% rally on August 14 over the next six days. This development is a sign of overwhelming holders scrambling to book profits. However, the retracement seems to have brought SHIB close to the  POC at $0.0000118.

The aforementioned barrier is a support floor since it is the highest traded volume level since April 11. Therefore, investors can expect buyers to step in at this barrier, potentially triggering another rally.

In such a case, investors can expect SHIB to revisit the previous swing high at $0.0000179 and form a local top here. However, if the momentum persists, this uptrend could extend to the immediate resistance level at $0.0000200, constituting a 68% gain.

SHIBUSDT

Regardless of optimism, if the POC fails to hold and sellers push Shiba Inu price to flip the $0.0000118 barrier into a resistance level, it will invalidate the SHIB recovery outlook. This development could see SHIB nosedive with an increase in sell pressure and retest the $0.0000106 foothold.

Read If Merge is a sell-the-news event, expect Ethereum price to reach $1,300

Post Views: 248

Related posts:

SHIBUSDTShiba Inu price hints at a 150% upswing, an opportunity too good to pass up What-is-Shiba-InuShiba Inu price edges close to a 60% breakout as bears watch in disbelief What-is-Shiba-InuShiba Inu price to provide another opportunity before a 50% upswing FXStreetDogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest FXStreetSHIB holders beware! Shiba Inu price threatens a 23% drop What-is-Shiba-InuShiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB What-is-Shiba-InuShiba Inu edges Avalanche with explosive 16% gains, SHIB holders rejoice What-is-Shiba-InuShiba Inu, Dogecoin jump as risk-on behaviour returns to crypto markets
Tags: SHIB recovery outlookShiba Inu priceShiba Inu price in a bullish retracementSHIBUSDT news

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