Shiba Inu retraces back to breakout support

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  • Shiba Inu Token Rises To $0.000017 As Risk-On Sentiment Enters Market

  • Token trades at support after losing hold of previous gains

  • Crypto Sentiment Remains Weak, But Shiba Inu Might Be Upside

Whether the Shiba Inu is back in the SHIB/USD bear market is hard to answer. One thing for sure, however, is that the Shiba Inu maintains key technical levels. Buyers may take it more after the latest downturn.

The Shiba Inu is one of the cryptocurrencies that has made a massive comeback at the height of the recent meme-rally. However, the coin is back on the drawing board, with losses climbing up to 17% over the past seven days. Most of the other cryptocurrencies are already in the red indicating a broad correction.

Shiba Inu back in support zone as meme rally ends

Source – TradingView

Current SHIB price coincides with support at $0.00001242. This is the level when the price broke out and became bullish on the back of the new mem-token rally. We can see that the price shows some indecisiveness after the latest losses. The bulls are rejecting the downside pressure, a leading indicator that demand for the Mem token is strong.

Momentum indicator showing a bearish price move. We remain optimistic that the MACD indicator could turn bullish if SHIB holds the support area.

closing thoughts

While crypto sentiment remains weak, SHIB has maintained key support. Bear pressure is weakening as the price shows indecision at $0.000001242. If the price maintains its level then a possible recovery is possible. Investors should keep an eye on the price action and take trades if sentiment improves.

If SHIB loses hold of support, the Bears will take control. This could see the price trade back to $0.0000010. The next days price action will decide the likely direction for SHIB.

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