The market-wide profit-taking that started the Tuesday November 16 crypto market crash has deepened Shiba Inu price correction tanking below the $0.000050 support level. Floki Inu, the other favourite meme coin has dropped about 25% from highs of about $0.0024 on November 15 to the current price around $0.001814. This drop saw FLOKI flip the $0.00022 major support level into resistance, a suggestion that a further dip may occur.
Shiba Inu Prepares For An Explosive Upswing
SHIB price has recorded five lower highs since setting the all-time high around $0.0000885 pointing to an extended correction forming a downtrend line as shown on the daily chart.
However, SHIB has been consolidating above the $0.000448 demand area with market participants expecting buyers to accumulate Shiba Inu at the dips and trigger an upswing.
The current SHIB downtrend will be reversed if SHIB rises to overcome the $0.00005337 major resistance area, shattering the downtrend line to tag $0.0000565. A decisive bullish break out beyond this point could see Shiba Inu rally towards the $0.00006303 area, representing a 32% upswing from the current price.
The position of the MACD above the zero line in the positive region validates this bullish outlook.
SHIB/USD Daily Chart
On the flipside, if SHIB closes the day below the immediate support provided by the $0.000448 support wall, it will drop to tag the $0.000036 support wall extending the dip. The bullish thesis will ne further invalidated in Shibe Inu drops beyond this point towards $0.00002816, a 41% crash from the current price.
Floki Inu Price Faces Stiff Resistance Upwards
Floki Inu price is trading further below the declining trendline, the 50-period Simple Moving Average (SMA) at $0.0002373, and the 100 SMA $0.0002532 illustrating the stiff resistance FLOKI faces upwards.
The immediate support at $0.0001790 embraced by the 200 SMA is crucial for FLOKI bulls if they to avoid further loses. A closure below this point could see Floki Inu price drop towards the $0.000150 support wall. A further drop below this point could trigger massive sell orders that can take FLOKI towards the $0.00006323, a 66% downswing from the current price.
The down-sloping moving averages, the position of the Relative Strength Index (RSI) close to the oversold region at 31.62 and the position of the MACD below the zero line in the negative region points to this pessimistic outlook.
FLOKI/USDT Four-Hour Chart
However, if Floki Inu successfully defends the 200 SMA support at $0.0001784, it will rise to tag the $0.00020 psychological level. To make a decisive bullish breakout, FLOKI must overcome the $0.0002090 major resistance, after which it will be possible to shatter the resistance posed by the declining trendline at $0.0002203.
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