Should you Enter $SHIB at $0.00001 Dip?

Shiba Inu Price Prediction: The second-largest cryptocurrency has shown strong resilience to current market uncertainty and continues to prolong its recovery. From the December 1st low of $0.0000085, the coin price rallied 44.85% to hit a new high of $0.00001195. However, the assets provide occasional pullback to recuperate the exhausted bullying momentum. Should you enter at a $0.00001 dip?

Also Read: Shiba Inu Price Rallies With Whales Shifting Trillions Of SHIB, Bull Run Ahead?

Safe Retracement Keep the Shiba Inu Trend Bullish

• A bullish breakout from the triangle pattern will provide an entry opportunity and a directional rally
• The SHIB price could witness overhead resistance at $0.000012, followed by $0.000014.
• The intraday trading volume of Shiba Inu is at $214 Million with a 39% loss.

On December 17th, the Shiba Inu price reverted from a dual resistance of $0.0000119 and a resistance trendline of an 18-month-long chart pattern. This reversal plunged the prices by 20% and hit the psychological level of $0.00001.

As of now, the SHIB price trades at $0.0000102 and is trying to sustain above the 38.2% Fibonacci retracement level. Recently, this dog-themed memecoin has shown such similar pullbacks which obtained suitable support between the 38.2% to 61.8% FIB level.

This healthy retracement indicates the overall bullish trend is intact and a higher for price to rebound from $0.00001 and surge 14% to rechallenge the overhead trendline. Anyhow, for Shiba Inu to establish a sustainable recovery, the buyers must breach this barrier as it will provide a better confirmation of trend reversal.

The post-breakout rally could lead a rally to $0.00001577, followed by $0.000018.

Why is SHIB at Risk of Further Correction?

While the current market outlook for the Shiba Inu seems bullish, the coin price wavering around a crucial resistance reflects the threat of a potential correction. The historical data has shown a retest to the triangle’s upper boundary has led to increasing supply pressure and a notable correction. Thus, if the falling price breaches below the immediate support trendline, the sellers may fasten their grip and plunge to $0.0000076 monthly support.

• Moving Average Convergence Divergence: A possible breach crossover between the MACD(blue) and signal(orange) would offer an additional edge to market sellers.
• Bollinger Band: A flag upper boundary of the Bollinger Band indicator could create additional resistance against buyers.