Following a flash drop last week, DOGE killer Shiba Inu has struggled much like the other cryptocurrencies.
The crypto market is currently in a bearish trend, and even meme currencies are not immune to the current shifts. Shiba Inu has suffered during the recent recession, with losses of 15.05 percent in seven days. The 24-hour losses are also 0.5 percent, implying that it will take time to recover. At the time of writing the meme coin is trading at $0.00003438.
Bulls await a major breakout
Awaiting a huge breakthrough, Bulls are attempting to initiate a new upward trend towards the All-Time High (ATH) of $0.000088. SHIB has been caught between the two important averages. The meme-based coin is looking for a significant push to break through the $0.0000350 barrier.
With the downward-sloping 21-daily moving average at $0.0000400, Shiba Inu’s price has been moving in a confined range. Shiba Inu Coin would need to break out from $0.000035 levels to avoid another day in the red after another reversal on Friday.
To reach the first significant resistance level at $0.0000353, Shiba Inu Coin would have to break through the pivot at $0.0000343. Support from the larger market, on the other hand, would be required for Shiba Inu Coin to reclaim $0.000035 levels. If there isn’t a sustained crypto rise, the first significant resistance level and Friday’s high of $0.00003618 will likely be the limit to the upside.
Shiba Inu Coin could test resistance at $0.000037 if a protracted breakthrough occurs. $0.0000372 is the second significant resistance level.If the pivot at $0.0000343 is not crossed, the first major support level at $0.0000325 will be tested. Shiba Inu Coin should avoid the second major support level at $0.0000315 unless there is another protracted sell-off.