While market sentiments are still trending negatively, Shib increased by 4% in the last 24 hours following a sharp bounce off a six-month low. It remains bearish but is likely to see some recovery before rolling back.
Shiba’s back-to-back drops in the past months have triggered a serious fear and panic among holders, subjecting the trend to a downward position. Looking at the price chart, the overall market structure is now looking extremely bearish on the daily chart.
The major fear came after a three-week dump near the psychological $0.00001 level two days ago. That level became crucial for the bulls and they reacted strongly. They later defended it well and surprisingly pushed the price above $0.000017 that day.
Yesterday was a bit volatile due to a major recovery across the market, but it unfortunately failed to sustain the pressure and closed weakly. That suggested a further drop but the bulls showed up today and pushed back.
A strong close above the previous day’s high could facilitate an increase towards the $0.00002 level. Failure to reject this level could fuel more increase, capable of shifting the trend back to an upward range.
That said, the bounce has technically brought a little suspense in the short-term fall. Shib may resume bearish, but the price currently looks strong on the day following a minor gain in the past 24 hours.
Shiba’s Key Levels To Watch
Source: Tradingview
The key resistance level for an increase is $0.0000172. Pushing through it could bring us to $0.0000197 and $0.0000223. The higher resistance level to signal a trend shift is $0.000025.
Apart from the $0.0000147 level, which currently provides support on the hourly chart, there’s hidden support at $0.000013 while Shib sits well at $0.0000116. Losing it could trigger a serious dip in the far term.
Key Resistance Levels: $0.0000172, $0.0000197, $0.0000223
Key Support Levels: $0.0000147, $0.000013, $0.0000116
- Spot Price: $0.0000116
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/shiba-inu-price-analysis-prediction-february-5-shib-sees-minor-gain-today-amid-bearish-but-can-it-sustain-recovery/