Shiba Inu (SHIB) price is pulling north, in an attempted recovery rally after a steep fall. It comes as the broader market continues to navigate volat
Shiba Inu price is up around 6% in the last five days after pivoting around the $0.00000675 low following a slump.
has 15% gains in sight but weak momentum and early profit taking limits this upside potential to a distant dream. Invalidation of the bearish thesis will occur after the meme coin records a three-day candlestick close above the $0.00000814 level. ility resulting from the Spot Bitcoin exchange-traded fund mania.
if it is sustained. However, based on technical indicators, the recovery rally seems premature. To begin with, the Relative Strength Index remains below the 50 level, a bearish position, made worse by the Awesome Oscillator indicators being in the negative territory with red histogram bars. This points to a potential fall, likely sending Shiba Inu price below the critical support at $0.00000675. A three-day candlestick close below this level would put out the recovery rally.
/USDT 3-day chart On the other hand, if sidelined and late investors come in play, Shiba Inu price could extrapolate the gains, potentially reaching the supply zone, which extends from $0.00000786 to $0.00000837. A decisive break and close above the midline of this order block would confirm the uptrend. In a highly bullish case, Shiba Inu price could fail the supply zone as a resistance zone by flipping it into a bullish breaker.
target the $0.00000910 range high. Such a move would constitute a 25% climb above current levels.
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