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Shiba Inu price rebounds from key support but SHIB not out of the woods yet

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  • SHIB price halts its six-day losing streak, consolidates Friday’s rebound.
  • Symmetrical triangle breakdown on Shiba Inu’s 1D chart keeps downside intact.  
  • SHIB price sees strong support at $0.00000685, resistance at $0.0000080.

Amid a sluggish performance seen within the crypto market so far this Saturday, Shiba Inu remains exposed to downside risks amid growing concerns amongst the trading community.

Industry experts believe that the recent choppy trading in SHIB price may create a sense of complete confusion amongst the investors, weighing negatively on the sentiment around the canine-inspired meme coin.  

The recent downtrend was fuelled by the broad criticism of the centralization of DOGE’s supply, which has not gone down well for both Shiba Inu and Dogecoin.

On Friday, SHIB price closed in the green for the first time in seven days, rebounding from two-week lows of $0.000006848.

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SHIB bears bide time before the next downswing

As observed on the daily chart, Friday’s rebound comes after SHIB price confirmed a symmetrical triangle breakdown earlier this week.

The SHIB bulls bounced off the key support at the August 9 low of $0.00000685, around where the horizontal (orange) trendline support aligns.

In doing so, SHIB price recaptured the 50-Daily Moving Average (DMA) at $0.00000720. Further, the bulls extended control and briefly regained the 100-DMA, although it failed to survive above the latter.

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The bullish reversal met strong resistance at $0.0000080, which is the intersection of the triangle support and the short-term critical 21-DMA.

Meanwhile, the 14-day Relative Strength Index (RSI) has turned flat but still holds below the 50.00 threshold, suggesting that any recovery attempt is likely to remain shallow.

On the downside, the bears could once again test the 50-DMA support, below which the abovementioned critical support at $0.00000685 could continue to guard the downside.  

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SHIB/USDT: Daily chart

Only a daily closing above the fierce confluence resistance at $0.0000080 could negate the bearish bias in the near term.

Further up, SHIB buyers could target the weekly highs at $0.00000870.

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Shiba Inu is the most popular crypto on Twitter, ahead of Uniswap, Polkadot and Solana

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  • Dogecoin killer Shiba Inu now has over 908,000 followers on Twitter.
  • ShibaSwap, Shiba-Inu’s decentralized exchange, likely to launch another token.
  • Shiba Inu holders continue petitioning for Robinhood to list SHIB, gather over 184,000 signatures.

Shiba Inu has gained increasing popularity on social media. The dominance of the meme coin on Twitter has increased over the past eight weeks.

Shiba Inu crosses 900,000 followers on Twitter, becomes one of the most popular cryptocurrencies

Shiba Inu, started as a meme token, gained popularity as a “Dogecoin killer”. The token now has a market capitalization of $3.5 billion and announced earlier today that it crossed 900,000 followers on Twitter. 

Shiba Inu has now overtaken other cryptocurrencies in the top ten, including Solana, Polkadot and Uniswap, in social media dominance. The SHIB community is now anticipating the listing of the meme token on Robinhood, the commission-free exchange. 

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The petition for the token’s listing has now received 184,700 signatures from the community. 

SHIB has experienced an enormous spike in popularity on Twitter. It has surpassed Uniswap with 631,000, Solana with 622,800 and Litecoin with 768,200 followers. 

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Social media dominance has not triggered a bull run yet. However, analysts expect the memetoken to break out. 

Shiba Inu is now teasing a new development on its decentralized exchange, ShibaSwap. The token’s ecosystem has three cryptocurrencies: BONE, LEASH and SHIB. There is a possibility of another token getting added to the ecosystem. 

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FXStreet analysts expect SHIB price to rebound and target $0.00000900.

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Shiba Inu Bullish Flag Breakout – Will SHIB Price Kill A Zero to Hit $0.00001115?

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Popular cryptocurrencies weakened sharply over the past 24 hours due to a sudden spike in volatility. The majority of the altcoins crashed due to the overall weakness in the cryptocurrency market. As a result of the ongoing marketwide dump, BTC’s 24-hour losses lay in excess of the 5% mark.

Among the top Altcoin, Ethereum has lost 6.1%. Meanwhile, Cardano Price is one of the worst performers with an 8% loss. Meme Coins After being trapped inside a tight trading range for several days gradually declined in price. DOGE Price has plunged 9% trading at $0.2174, SHIB Price dropped by 2% trading at $0.000007503. 

Recently, Shiba Inu got listed on coinbase pro, and as a result, SHIB price surged more than 30 % in one day. Since the May crash, this was the highest single-day growth. With an extended rally, the token rose more than 55% from September 13th to 17th. However, the meme token failed to sustain the rally and retraced 17% since then the price is consolidating within the $0.00000963 level. 

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Shiba Inu Price Analysis 

At Press time the Dogekiller dropped by 2% trading at $0.000007503. SHIB made a false breakout of the resistance at $0.00000793 it seems that sideways trading is relevant. The immediate support lies at  $0.0000062, in case the SHIB Price drops below this level we can expect an extended bearish trend. 

TradingView Chart

Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Will SHIB Price Reach $0.00001115 ? 

The meme token is currently consolidating between the $0.00000768 and $0.00000835 levels as the buying pressure is in the same league as selling pressure. Thus, we may expect the SHIB price to rally and test the major resistance level at $0.00000963. On a successful breakout, an extended uptrend can take the token price to $0.0000101 which is quite unlikely looking at the current market sentiments. 

On the flip side, if the SHIB price fails to hold $0.00000768 support, the price may drop near the $0.00000654 support level with a more than 15% plunge. However, the extended bearish trend can take the price down to the $0.00000549 level. 

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Shiba Inu price consolidates as SHIB bulls prepare for 22% advance

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  • Shiba Inu price rose 54% between September 13 and September 17 but failed to sustain itself.
  • As a result, SHIB retraced 17% and is consolidating in hopes of retesting the $0.00000963 level.
  • A breakdown of the $0.00000620 support floor will invalidate the bullish thesis.

Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum grew exhausted as it retested the August 16 swing high. Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Shiba Inu price prepares for another leg-up

Shiba Inu price climbed 54% starting September 13. However, the bulls disappeared as the uptrend extended beyond the August 16 swing high at $0.00000950. Since this point, SHIB retraced 22% as it sliced through the $0.00000768 support floor.

A resurgence of buying pressure seems to have matched the holders booking profits, leading to consolidation between the $0.00000768 and $0.00000835 barriers.

This development is typically followed by a burst in volatility, leading to a breakout of the price in either direction. Considering the big crypto’s bearish move over the weekend, the meme coin will likely rally, causing altcoins to do the same. Therefore, investors can expect Shiba Inu price to break out and trigger a 22% rally to retest the 62% Fibonacci retracement level at $0.00000963. In some cases, the uptrend might extend to the 70.5% Fibonacci retracement level at $0.0000101.

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SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

On the other hand, if Shiba Inu price fails to hold above the $0.00000768 support floor, it will indicate that the sellers have taken control. In such a situation, investors can expect SHIB to slide 16% to retest the $0.00000654 and $0.00000625 demand barriers.

A decisive daily close below the $0.00000625 foothold without a quick recovery above $0.00000654 will invalidate the bullish thesis.

Such a move might trigger Shiba Inu price to slide 12% to retest the range low at $0.00000549.

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