By Franklin Smith
After remaining in red for another consecutive day on Saturday, SHIB moves once more and eyeing $0.000060 this time.
Saturday had Shiba Inu declining by 1.3%. With Friday’s 7.42% plummets, the Dogecoin competitor ended yesterday hovering at $0.00005169. Meanwhile, unpredictable trading sessions at the start of the day witnessed the meme asset climbing to an intraday peak of $0.00005284 before reversing.
Failure to challenge the initial critical resistance zone at $0.0000558, SHIB plunged to a morning low of $0.00005059. However, the meme crypto kept the first support area at $0.0000501 away to revisit $0.0000526 before dipping in the red again.
While writing this content, Shiba Inu traded a 5.04% high at $0.00005429. Mixed price movements earlier on witnessed SHIB falling towards $0.00005155 before surging to $0.00005438. Keep in mind that the somewhat impressive actions early on have Shiba Inu meme crypto breaking through the initial massive resistance zone at $0.0000528 and the 2nd one located at $0.0000540.
SHIB’s Day Ahead
Shiba Inu (SHIB) has to rise past the early peak of $0.00005438 to gain the momentum to test the 3rd massive resistance at $0.0000562 and 38.2% Fibonacci of $0.0000568. Total market support is essential for SHIB to prevent a drop beneath its vital resistance zones.
Meanwhile, an extended cryptocurrency market rally will see 38.2% Fibonacci capping upside price movements. On the other past, a continuous market surge can have the dog crypto testing the resistance area at $0.000060 before pullbacks can resurface.
A drop under the pivot at $0.0000517 and crucial resistance level can witness SHIB exploring the initial critical support at $0.0000506. However, if the space alleviates extended plummets in the upcoming sessions, the crypto will avoid sub-$0.000045. The 2nd crucial support at $0.0000495 would limit further downward actions.
For now, Shiba Inu has chances to move upward as the overall crypto market prepares to recover from recent plunges. If the upcoming trading sessions translate to price surges, Bitcoin and altcoins, including SHIB, will explore new highs.
Shiba Inu Technical Indicators
- First critical support level – $0.0000506
- Pivot zone – $0.0000517
- First critical resistance zone – $0.0000528
- 6% Fibonacci retracement zone – $0.00006987
- 2% Fibonacci retracement zone – $0.00005680
- 62% Fibonacci retracement zone – $0.00003700
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