Is Shiba Inu (SHIB) poised for a comeback? | 4.06After increasing sharply last week, Shiba Inu (SHIB) turned bearish as its price started to drop. The price decline pushed SHIB towards a critical support level.
The memecoin’s price surged substantially on the 29th of May, allowing it to touch $0.00002924.
But SHIB couldn’t sustain the pump and fell victim to multiple price corrections. The analysis of the memecoin’s chart revealed that the recent price drop pushed its value to a critical support level of $0.00002437.
If SHIB fails to test the resistance and falls under it, then investors might witness the token drop to $0.000020.
On the other hand, a successful test of the support could kickstart a bull rally, which might result in SHIB touching $0.000029 in the coming days.
The technical indicator MACD’s data revealed that the bulls and the bears were in a battle to gain an advantage over each other. But the rest of the indicators suggested that the bulls might turn out to be victorious.
At the same time, the Chaikin Money Flow (CMF) registered an uptick, and the Relative Strength Index (RSI) also followed a similar trend, hinting at a successful test of the support.
WHITEBIT:SHIBUSDT
