Following its significant drop after reaching an astonishing $0.00004456, many are worried that Shiba Inu might not recover. After a surge of over 250%, a significant price correction sent SHIB crashing, and although the meme coin showed signs of recovery, these were met with fierce resistance.
SHIB is currently trading at $0.00002654, with a 6.89% decline over the past 24 hours. However, there’s still some hope for SHIB, as the meme coin is headed toward crucial support levels, which could trigger a massive recovery.
Historical Significance of the $0.000024-$0.000025 Zone
By examining SHIB’s price chart, we can observe that the $0.000024-$0.000025 zone previously served as a springboard for massive growth. This price range acted as a historical point of accumulation for buy orders, preventing further price decline and subsequently propelling SHIB to higher values.
This phenomenon can be attributed to investor psychology. When an asset reaches a price point where it has previously found support, some investors may view it as an opportune moment to buy, anticipating a price rebound similar to past experiences. This collective buying behavior can create a force strong enough to reverse the downtrend.
The Importance of Holding Above $0.000024
For SHIB bulls, recent massive token burns have reignited hope for a recovery. However, successfully maintaining a price point above $0.000024 is paramount. This achievement would signify the bulls’ ability to overpower the selling pressure and potentially set the stage for a price recovery.
Further bolstering the bullish sentiment are technical indicators, specifically the 50-day Exponential Moving Average (EMA). This technical indicator represents the average price of SHIB over the past 50 days, adjusted to give more weight to recent prices. Interestingly, the $0.000022 mark coincides with the 50 EMA, further bolstering the significance of this support level.
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Potential Scenarios
Successfully reaching the support zone is not the sole factor that will influence SHIB’s future trajectory. The crucial aspect lies in attracting sufficient buying pressure to trigger a reversal. If SHIB falls below the $0.000024 threshold, traders may then shift their focus to identifying the next potential support level.
Top analysts believe a massive SHIB surge is coming, and the $0.000024-$0.000025 zone holds historical significance. This zone could serve as a critical point in determining SHIB’s short-term direction. However, broader market forces and investor sentiment will ultimately play a decisive role in shaping SHIB’s price recovery.
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