Shiba Inu Price Prediction as SHIB Drops 22% in 7 Days – Where is the Next Support?

cryptonews.com:

SHIB has gained by 1% in the past 24 hours, with the Shiba Inu price also jumping by 3% in the past hour as the market corrects some of its recent losses.

At $0.00002248, SHIB remains down by 20% in the past week, with the meme token also having dropped by 10% in the last 30 days.

However, the past hour’s rise raises hopes of a recovery, and with Shiba Inu still up by 93% in a year, it continues to hold onto promising medium- and long-term momentum.

And once the recent selloff plays out, it could easily join the market in staging a strong recovery.

SHIB’s move over the past hour has improved the complexion of its price chart, with its indicators beginning to show signs that the recent downturn is ending.

For instance, its relative strength index (purple) has bounced from 40 earlier this morning to 60 today, and its rise is so steep that it looks like it could hit 70, if not higher.

Meanwhile, SHIB’s 30-day average (orange) has turned ever so slightly upwards, and given that it has been well underneath the 200-day (blue) for several days now, it’s certainly looking like it should rise once again.

It will, therefore, be interesting to see if SHIB can break through its resistance level (red), with the $0.00002365 mark also being an important resistance.

It’s also interesting to note that the coin’s resistance and support (green) levels have formed a pennant, implying that the coin is due to make a big move very soon.

Of course, the jump of the last hour could certainly be just this very move.