SHUB Price Analysis: SHIB Token Plunges The Crucial Support Of $0.0000340. Can It InitIate A New Rally?

The SHIB token showed a significant correction phase in its price, where it lost around 58% of its value. However, the price is currently hovering at a crucial support level of $0.00024 which can begin a recovery phase if it obtains enough bullish momentum. A Great news for the SHIB investors is that BitPay recently announced retail support for Shiba Inu (SHIB) payments.

Key technical points:

The SHIB token daily RSI steadily drops to the oversold territory
The 100-day EMA provides good support to the SHIB price
The intraday trading volume in the SHIB token is $11.21 Billion, indicating a 134.5 gain.

Source- SHIB/USD chart by Tradingview

The last time when we covered the SHIB token, the correction phase of this token plunged its price to the 0.618 Fibonacci retracement level. The token price fairly survived the sudden sell on December 4th, which also resulted in long lower price rejection, indicating the pressure of strong demand pressure.

The SHIB token maintains a bullish sentiment where the price is trading above the trend defining EMA 100 and 200 line. Moreover, the Relative Strength Index(46) indicates substantial fall directing towards the oversold zone.’

SHIB/USD 4-hour Time Frame Chart

Source- SHIB/USD chart by Tradingview

The SHIB token has been wavering above the $0.000343 support level for more than a month. Even if the price manages to bounce back from this $0.0000243 support, the crypto traders can wait for the price to break the overhead resistance, which will provide better confirmation for a rally. According to traditional pivot levels, the crypto traders can expect the nearest resistance at $0.00033, followed by $63. As for the opposite end, the support levels are $0.0002 a9d #000331.5.

The post SHUB Price Analysis: SHIB Token Plunges The Crucial Support Of $0.0000340. Can It InitIate A New Rally? appeared first on Coingape.

Source: https://coingape.com/shub-price-analysis-shib-token-plunges-to-the-crucial-support-of-0-0000340-can-it-initiate-a-new-rally/

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