The past few days have been terrible, to say the least, for holders of the popular meme-inspired cryptocurrency Shiba Inu (SHIB). After a huge jump of almost 100% since the beginning of November, the price of SHIB has dropped almost 23% in the last nine days and recently reached a major support level at around $0.000025 per token.
Although the Shiba Inu token price chart is not very attractive at first glance, it currently presents interesting opportunities for SHIB enthusiasts. Considering that the decline did not exceed a third of the initial pump, this correction can indeed be considered healthy for the memo-inspired asset, and the maintenance of a key price support level suggests that this could be the point from which the next round begins. prices for Shib will begin to increase.
Below this support level there is still a significant concentration of liquidity, especially where the price has stalled since the December 10th fall. For now, all eyes are on $0.000025, the importance of which is further supported by the 50-day simple moving average that runs right through this price point.
However, as previously reported by U.Today, Bollinger Bands, a popular indicator in financial markets, suggest that the price of the Shiba Inu token could fall to $0.00002456, where the lower band is currently located. While this could mean another 4.4% drop for SHIB, if the token finds its local bottom here, it could still maintain a bullish bias as it would be a higher low than the one we saw previously in December.
Overall, the pain that SHIB’s price action is currently causing its holders may soon end; only two questions: when and where.
