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While the last few days on the cryptocurrency market have been more of a roller coaster ride than a financial one, there is still something stable to look at.
For example, the price action of popular meme-inspired cryptocurrency Shiba Inu (SHIB) survived the massive shake-up with perfect resilience, maintaining a key price level of $0.00002.
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The fact that this price level held up despite all the wild turmoil and nearly $1.5 billion in liquidations speaks for itself and may indicate that this is indeed the lowest point where bears are willing to sell and bulls are willing to buy the Shiba Inu token.
However, the possibility of SHIB finding a bottom here is also indicated by the Bollinger Bands. Consisting of three curves, with the median represented by a 20-day moving average, the indicator reflects a price range in which the asset can be considered oversold or overbought.
Developed by John Bollinger, the bands have gained popularity on the financial market for providing a simple, clear and reliable way to look at the price performance of the asset.
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In the case of the Shiba Inu token, we just hit a lower band on a daily time frame, which makes it more credible and legitimate. Thus, this may indeed be the bottom for SHIB, with the probability of a move up from these levels now higher than a move down.
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If $0.00002 is indeed a bottom for the meme coin, then the next price targets could be at $0.0000222, where the median is, and next to the upper band, which is currently at $0.000025.
Interestingly, this is also the next major price point for the Shiba Inu token. Therefore, we have two main options for SHIB right now, and they both point to growth — from 8% to 20%.
Source: https://u.today/shiba-inu-shib-price-may-have-hit-bottom-popular-indicator-signals