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Shiba Inu (SHIB) Brutally Denied at $0.00003: What's Next?

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Thu, 30/05/2024 - 8:28
Shiba Inu (SHIB) Brutally Denied at $0.00003: What's Next?
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Shiba Inu was denied entry in the $0.00003 zone with the meme coin rapidly reversing and losing around 10% of its value. The reversal is not critical whatsoever, and SHIB may still continue its journey upwards. But the failed breakthrough might be an important signal for future traders.

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Shiba Inu was turned away again at the entrance to the $0.00003 region, with the meme coin quickly bouncing back to lose some 10%. This reversal here amounts to nothing significant, and SHIB could still march on its merry way to the upside, although breaking through could be a critical sign for the steps ahead.

SHIBUSDT
SHIB/USDT Chart by TradingView

Shiba Inu has had quite the price action over the last few hours, underscoring the volatility and uncertainty in this market for cryptocurrencies, particularly in meme tokens. After the strong rally that finally placed the price of SHIB close to a significant resistance level of $0.00003, the price did not develop well to organize a quick bearish run continually. This urged SHIB to retrace to around $0.000026, marking losses of roughly 10% from the peak.

Outside of that pullback, most things simultaneously look cautious and optimistic for Shiba Inu. The token remains trading above the 50-day EMA, above the support for the last couple of weeks consistently.

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The RSI is around 57, showing a neutral zone and expecting a move in either direction. This level of RSI shows that SHIB is not overbought and may still attract more buyers even if market sentiment reverses. On the other hand, the recent rejection from around $0.00003 will add to the psychological barrier to traders who approach the token cautiously.

The only point to consider, on the other hand, is how SHIB is traded concerning its actual support levels. If it holds above the 50-day EMA and consolidates peace fully, it will probably develop a base to try and break over the resistance at $0.00003 once again. The breaking out below of this support area will likely set the correction extending toward the second most crucial support level of about $0.000022.

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