Amid a slight decrease in the global market cap today, Shiba advanced buying and posted double-digit gains to a two-month high. It appears ready for a big price movement after establishing a base support.
Following a five-month correction near the $0.00001 level in the past month, Shiba found solid ground and established base support above $0.000012. The price increased until it reached $0.0000158 yesterday.
Today, buying volume increased and the asset surged to its highest price level since July 31, slightly breaking out of the previous monthly high.
A steady surge in volatility could change the trend slightly before making a slight pullback to the $0.000015 level. We can then expect a big price movement if the price bounces back from that pullback level.
Shiba’s mid-term structure might still look bearish on the daily chart, but it is important to note that the correction has temporarily ended for now. It must drop below August’s low before considering another dump.
Technically, this correction has brought a reset in the price, and from the look of things, the market structure is about to make a shift. Shib is now on the bulls’ radar while other meme coins are posting significant gains.
Shiba’s Key Levels To Watch
Source: Tradingview
Because of the slight break above $0.0000161, Shib may jump to the $0.00002 resistance soon. Breaking this resistance level could trigger a more rallies to $0.000025 and mainly $0.0000295 in the short term.
The main holding support level for now is $0.0000125, followed by last month’s low of $0.0000108. A collapse through all these levels could bring us to $0.0000085, causing more pain in the market.
Key Resistance Levels: $0.00002, $0.000025, $0.0000295
Key Support Levels: $0.0000125, $0.0000108, $0.0000085
- Spot Price: $0.0000163
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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