SHIB looks weak as price battles for support – Bitcoin Magazine

Shiba Inu is under severe pressure right now as the bears seek to push SHIB price down and break below the all-important $ 0.000035 level this week. Since bulls are looking for good entry points, there are currently no basic entry points unless further down. Expect SHIB price to slide towards $ 0.00003 with monthly support from S1 or at $ 0.000264 – the historic starting point of the rally in the third week of October.

SHIB must hold $ 0.0003

SHIB price showed some promising bullish signs last week as $ 0.0000035 held up and the bulls closed above it for the week. But this week, the various central bank rate decisions proved overwhelming for SHIB investors, and price action retreated in search of support. The only problem is that there is no solid historical support as the SHIB price has only been around for nearly seven months.

SHIB bulls could gain momentum above S1 monthly support at $ 0.00003 which will act as decent support during the late November correction, if this level cannot be sustained prepare for $ 0.0000264, which acted as support during retest after rising above $ 0.0000035 in mid-October. Since it acted as the trigger for the higher rally, it is expected that this level will be held as support.

Weekly chart SHIB / USD. Source: TradingView

If investors see bullish SHIB price action over Christmas, structural change is possible as bulls are ready to hoard coins at that discount. Most of the forecasts for 2022 are made at this time of year and are mostly optimistic about cryptocurrencies, which creates a favorable wind that could lift sentiment and push prices up or down again. The 55-day simple moving average near $ 0.000047 seems like the first test point for profit taking.

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Annie

According to Fxstreet

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