Key Levels to Watch as SHIB Price Hints Recovery From $0.0000075

The ongoing correction in SHIB price has found suitable support at $0.000007 walking close to the 61.8 Fibonacci retracement level. Within a week, the coin price bounced twice from this support indicating a compelling level of interest from investors seeking to accumulate at a discounted price. Is this demand pressure sufficient to kick-start a new recovery rally?

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Shiba Inu Daily Chart: Key Points

• The increasing demand pressure near $0.0000075 set the SHIB price for a 12.5% upswing
• The overhead resistance of $0.00000936 could bolster a sideways trend in this memecoin
• The intraday trading volume of the Shiba Inu coin is $208.8 Million, showing a 28% gain.

Source- Tradingview

As of the time of writing, the SHIB price is trading at $0.00000833, marking an intraday gain of 4%. The daily chart presents a notable formation of the morning star candle pattern often interpreted as a potential reversal signal. Should this pattern indeed manifest as intended, it could serve as a catalyst to propel the coin’s price to higher levels.

If current bullish momentum persists, Shiba Inu coin could potentially witness a 12.5% increase, positioning it to challenge the high of $0.0000093 recorded on August 17th. This particular level is worth mentioning due to the substantial red candle that appeared on the daily chart during that time, accompanied by high trading volume.

This combination suggests a significant show of conviction from sellers, underscoring the importance of overcoming this resistance level to solidify a recovery.

Therefore, a breakout rally beyond this level could drive the Shiba Inu coin approximately 21% higher, setting the stage to hit the $0.00001134 mark

Will the Shiba Inu Coin Prolong Correction Trend?

For nearly a week, the Shiba Inu coin has traded within the range of the August 17th candle. Considering this sideway as the formation of a range-bound movement, the high($0.00000936) and low($0.00000725) of the above-mentioned candle project strong resistance, and support respectively. Contrary to the bullish outlook, the breakdown below the $0.00000725 mark will extend the ongoing correction.

• Bollinger Band: The lower band of the Bollinger band indicator going flattish near $0.00000725 gives additional support to buyers
• Relative Strength Index: The daily RSI slope sustainability above the 40% mark reflects enough bullish momentum for a rebound,