Shiba Inu price may be trading at a starting point that could give investors an opportunity to save. According to analyst Akash Girimath, SHIB price is preparing for a possible rally that comes after a bounce from stable support levels.
Shiba Inu (SHIB) poised for a rapid rise
Shiba Inu price has dropped by about 39% since May 5th and formed a base around $0.0000135. This move was followed by a swift reversal that boosted SHIB 32% in less than twelve hours, creating an upper wick at $0.0000179. Thus, a range was formed in which SHIB is currently limited. SHIB price continues to pull back, seeking stable reversal points. $0.0000144 to $0.0000152 is known as the buy zone and are the 62% to 79% retracement levels.
Akash Girimath’s thoughts for the ideal position:
Diving into the buying zone will be an excellent opportunity for those who want to take a long position. Ideally, a reversal should occur around the 70.5% retracement level at $0.0000148. The resulting rally is likely to push SHIB 20% into the $0.0000179 high range.
Analyst highlights the importance of a critical resistance level
Although the uptrend is capped at $0.0000179, the most important resistance is at $0.0000201 and SHIB is around 35% to test it. needs to increase. In some cases, the increase could be capped at $0.0000191 at the -27% retracement level, bringing the Shiba Inu price gains to around 30%. While things looked bleak due to the recent crash, a four-hour candlestick below $0.00135 is creating an LL level, invalidating the bullish argument for SHIB. In such a case, SHIB could experience additional declines to fill the gap from $0.0000135 to $0.00000726.
Adoption news didn’t help Shiba price, bulls abstain for now
as we covered in cryptokoin.com news , iconic fashion brand Gucci has announced that it will begin accepting Dogecoin (DOGE) and Shiba Inu (SHIB) in some of its US stores starting later this month. However, despite this news, the bulls are unable to capitalize on strong fundamental developments due to the current selling pressure.
