Can $SHIB Bulls Defend $0.00000572 Support Amid Market Sell-off?

Shiba Inu Price Analysis: On June 5th, the SHIB price gave a decisive breakdown from the support trendline of a symmetrical triangle pattern. This breakdown resolved a one-year consolidation in the seller’s favor indicating this memecoin is poised for a significant downfall. The negative sentiment in the market also rooted for the same cause suggests this memecoin is less likely to make a sharp recovery in the near future.

Also Read: 4 Trillion SHIB Worth $32 Million Moved To Binance, Price To Fall?

Shiba Inu Price Daily Chart

• Demand pressure at $0.00000572 support could hint at a bullish reversal in the SHIB price.
• The daily RSI slope at the oversold region indicates that more buyers could enter at discounted prices.
• The intraday trading volume of the Shiba Inu coin is $120.5 Million, showing a 68% loss.

Source- Tradingview

From the triangle breakdown point of $0.00000824, the Shiba Inu price tumbles 33% and reaches a two-year low of $0.00000543. However, on June 10th, the aggressive selling was immediately undermined by the buyers as they recovered the losses witnessed during the day.

The long tail rejection candle projected at $0.00000572 support indicated the buyers are accumulating at this discounted price which could lead to a minor pullback. As of now, the SHIB price trades at $0.0000066 with an intraday loss of 2.48%.

If the demand pressure from bottom support rises, the SHIB price could rise 17% to retest the breached $0.00000778 support as potential resistance.

After such a massive downfall, a sudden recovery is less possible, and therefore, the SHIB price could turn sideways above $0.00000572

Will Shiba Inu’s Price Lose $0.00000572?

Amid the sudden downfall, the SHIB price managed to sustain above the $0.00000572 level. Despite a strong bearish scenario, the coin price stayed above the aforementioned level indicating a breakdown below it would be very tough for sellers. Thus, the retest to the $0.00000572 support could be an opportunity to accumulate SHIB.

• Exponential Moving Average: The dynamic resistance of the 20-day EMA will be the first sign of bullish recovery if breached. 
• Relative Strength Index: The daily RSI slope plunge into the oversold region also indicates unstable aggressive selling which could trigger a quick rebounce.