Shiba Inu (SHIB) has been holding strong at the $0.000021 level after bouncing back from critical support. As of Tuesday, SHIB’s price sits just above this important support zone, which ranges
between $0.000019 and $0.000021. This price area is a key
point for sidelined investors looking to accumulate, as it could
offer a strong buying opportunity should the market maintain its support.
On Monday, SHIB briefly dipped below its primary support level of $0.000019 but found solid footing at the 61.8% Fibonacci
retracement level, which extends from the August 5 low of
$0.000010 to the December 8 high of $0.000033. With SHIB
trading above its 200-day Exponential Moving Average (EMA) at $0.000021, this could signal a potential recovery. If the price
holds above $0.000019, it may aim for a rise towards the
$0.000028 level, especially if it closes above the critical
$0.000022 mark on a weekly basis.
The daily Relative Strength Index (RSI) stands at 44, indicating moderate bearish momentum, while the Moving Average
Convergence Divergence (MACD) is hovering near neutral,
suggesting indecision among traders. Despite this, on-chain
metrics point toward a positive outlook for SHIB. According to
IntoTheBlock’s IOMAP, over 17,160 addresses have accumulated a total of 3.22 trillion SHIB tokens at an average price of
$0.000021. This implies strong investor interest, especially if the price retreats to the $0.000019-$0.000021 zone, which may
trigger further buying activity.
In addition to the on-chain data, futures market sentiment
supports the bullish case for SHIB. Coinglass’s OI-Weighted
Funding Rate shows a positive rate of 0.0103%, suggesting that more traders are betting on SHIB’s upward movement than its
decline. This bullish sentiment, combined with the technical
support levels and investor activity, paints a promising picture
for Shiba Inu in the near term.
#SHIB #ShibaInu #CryptoTrading #SHIBRecovery
