Should You Buy This Potential Pullback In Shiba Inu Price?

The ongoing recovery in Shiba Inu price halts at the local resistance of the $0.000014 mark. In addition, the several higher price rejection candles at this supply zone indicate the exhausted bullish momentum and a higher possibility for price reversal. Thus, a bearish reversal could offer a pullback opportunity for interested buyers

 Key points: 

• The Shiba Inu price witnessed a temporary pullback before the next bull cycle
• A breakout from $0.000014 would bolster further growth for coin holders
• The intraday trading volume of the Shiba Inu coin is $787.5 Million, showing a 120% gain.

Source- Tradingview

The fast-moving uptrend in the Shiba Inu prices reached a high of $0.000015 and registered a 52% jump within a week. However, the recovering prices failed to sustain above the resistance confluence of $0.000014 and the 200-day EMA. 

After the remarkable recovery, the meme coin retraced to retest the crucial horizontal level of $0.000018 with an 8% bearish candle yesterday. Nonetheless, the post-retest reversal from the aforementioned support and the 100-day EMA teases an upcoming consolidation to contract the trend momentum. 

Additionally, the rising trading volume supports the bullish reversal, increasing the uptrend continuation possibility above the $0.000014 level. 

Currently, the Shiba Inu trades at the $0.00001236 mark and resonates within crucial levels and EMAs, with a higher probability of a bullish breakout. Thus, if this theory worked out, the Shiba Inu price could continue the uptrend by 38% and attain the high of $0.000017.

On a contrary note, if the profit booking rally starts, the altcoin price will breach the underlying support and slump to $0.00001.  

Technical indicator

Relative strength index– the daily-RSI slope reverted from the overbought region, indicating the prices are stabilizing from prithe or rally 

EMA- the Shiba Inu price is wobbling between the 100-and-200-day EMA. However, a potential bullish crossover between the 20-and-50-day EMAs should encourage the resumption of the bull run.

Shiba Inu price intraday levels

• Spot price: $0.00001236
• Trend: Bullish
• Volatility: low
• Resistance levels- $0.000014 and $0.000015
• Support levels: $0.00000119 and $0.00000976