While the crypto market cap continues to recover daily, several meme coins have gained traction with Shiba Inu, posting a major gain in the last 24 hours. Though it remains bearish despite the latest surge. In the last leg down, Shiba managed to stay above the psychological $0.00001 level after breaking through several support levels since the start of the year. While the sell-off seemed to have temporarily cooled off, the price increased as it showed strength on the daily chart. This started after bouncing back above the mentioned psychological level two weeks back. The bounce produced a substantial gain in the past week and briefly changed the trading landscape, while the trend remains bearish on the daily chart. Looking back from where it started to drop at $0.000034 in December, Shiba still maintains a swing low trend. As we can see, the latest bounce is considered a retracement of the short-term bearish. The drag down will likely continue if the bulls fail to sustain momentum. If not, more surges could bring a bigger recovery before the bears step back. Currently, they are taking a break, and from the look of things, they will likely release pressure again. It will be too early to say the bulls are back in the market. Shiba’s Key Levels To Watch Source: Tradingview Right now, Shib aims to test a nearby resistance level at $0.0000173. A rejection there may bring selling back in the market, but if it pushes higher, the next resistance to watch above it is $0.000019, followed by the $0.0000223 level. On the daily chart, there’s support for Shiba at $0.0000138, $0.0000123 and the $0.0000109 level marked as the current monthly low. If the price breaks below it, a new low may surface at the $0.000009 level. Key Resistance Levels: $0.0000173, $0.000019, $0.0000223 Key Support Levels: $0.0000138, $0.0000123, $0.0000109 Spot Price: $0.0000153 Trend: Bearish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
