Shiba Inu (SHIB/USD) nears a demand zone

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  • Shiba Inu recovered 1.21% on Monday after bearish move

  • Developers tease “countdown” as some fans anticipate Shiberium update

  • SHIB may touch next June low

Shiba Inu (SHIB/USD) traded at $0.0000087 with a gain of 1.21% on Monday. The coin is recovering slightly from the low of $0.0000080 over the weekend. This is an important area for SHIB, or rather, the cryptocurrency could touch a demand area that has been important to the bulls in the past.

SHIB’s historical price movement suggests that $0.0000072 is a potential demand zone for SHIB. At the height of a bear market earlier this year, SHIB settled in this area in June before launching a strong recovery. The gains took SHIB to an August high of $0.0000179 before another bearish cycle ensued. Amidst the intraday gains, this is the next level to watch on SHIB.

Meanwhile, the Shiba Inu community is speculating about the Shiberium beta testing. This was followed by a weekend tweet teasing users with a “special countdown”. Till the time of writing the news, the countdown was going on at 7.48 am. It is not clear what this countdown is, but users started speculating on the Shiberium update. Others dismiss it as unimportant partnerships and a distraction to make rent.

As soon as “Countdown” unfolds, Shiba Inu fans will have their hands crossed that something significant will pop up. Perhaps, this may coincide with reports that SHIB is tied with BTC and ETH as the most watched cryptocurrencies on Binance. But technical indicators show potential further downside.

SHIB has recovered slightly from an oversold level near the June low

SHIB/USD Chart by TradingView

On the daily chart, SHIB is in a slight uptrend after touching a level slightly above the June low of $0.0000072. The trend is still bearish, and a possible decline to the June bottom could be on the cards. The RSI reading is still below the midpoint, indicating bear control.

When will SHIB turn bullish?

$0.0000072 may again attract buyers if bulls fail to capitalize on the current shib price health benefit. This is the level to see a bullish reversal signal.

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