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Shiba Inu could recover as it finds support around key level

Author: Content Editor
Shiba Inu could recover as it finds support around key level
The price of Shiba Inu (SHIB) is currently hovering around $0.000021 after bouncing off a key support level. Sideline investors can look to accumulate SHIB at support levels from $0.000019 to $0.000021. The price recently declined to retest its daily support level at $0.000019, which coincides with a key reversal zone. However, the price has since traded slightly higher, above its 200-day Exponential Moving Average (EMA) at $0.000021.

On-chain data suggests a bullish outlook for SHIB, with many investors buying at an average price of $0.000021. If the price falls to this level, more investors may add to their positions, making it a key reversal level to watch for. Additionally, the OI-Weighted Funding Rate data shows that more traders are betting on a price rally, indicating bullish sentiment.

However, if SHIB closes below $0.000019, it could invalidate the bullish thesis and potentially lead to a further decline in price.

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