Shiba Inu’s Price May Be Attempting a Minor Comeback Move
2022.07.01 11:15
Shiba Inu’s Price May Be Attempting a Minor Comeback Move
- SHIB’s price seems to be attempting a minor comeback move.
- In the last 24 hours, SHIB’s price experienced a 1.94% gain.
- Investors need to be cautious as the recent move may just be month-end volatility.
Shiba Inu’s (SHIB) price seems to be attempting to recover lost ground and revisit recent levels.
SHIB’s price recently embarked on a massive uptrend after reaching a bottom on June 19. However, the upwards move was accompanied by some issues and market headwinds. This led to an eventual retracement in SHIB’s price. Now, it seems that SHIB bulls are gearing up for another leg up.
Between June 20 and June 21, SHIB’s price rallied around 50%, flipping the high time frame resistance barrier at $0.0000095 into support as well. Something interesting to note is that this run-up also converted the declining trend into a support floor.
SHIB’s price then retraced briefly and consolidated before entering into another 30% rally to set a swing high at $0.0000121. This move was short-lived as a lack of momentum and worsening market conditions resulted in a 21% price drop which retested the support barrier at $0.0000095.
SHIB investors saw this level as a buying opportunity as their buying pressure resulted in an 11% move so far. Should this trend continue, SHIB’s price could rally a further 15% from its current levels for a combined 25-26% move.
SHIB may look to retest its first liquidity objective at $0.0000119. If it successfully challenges this level then it may look to revisit the $0.0000130 level. At the moment, SHIB’s price is $0.00001011 after climbing 1.94% in the last 24 hours, according to CoinMarketCap.
Regardless of the bullish outlook on the market, investors need to be careful as this may just be month-end volatility.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
Continue reading on CoinQuora
