The price of Shiba Inu (SHIB), one of the leading popular meme coin projects referred to as the “Dogecoin killer”, is currently testing the critical support level as bears are targeting $0.00002.
Level predictions for Shiba Inu (SHIB)
Shiba Inu (SHIB) price action has been range-bound all week. Shiba Inu (SHIB) seems to have bounced back to retest the last support level at $0.000022. More selling pressure appears to be accumulating for SHIB, according to Fxstreet analysts’ assessments. As Cryptocoin.com previously reported, the geopolitical uncertainties caused by the Russia-Ukraine war caused fluctuations in the Shiba Inu price. The popular meme coin at a crucial point as the sell-off over the past few days has removed the bullish momentum. According to Fxstreet analysts, it looks like the bears could push the SHIB down.
The price of the Shiba Inu seems to be losing ground. The price of the Shiba Inu seems to be stuck in a very tight spot right now as it fluctuates 7% above the February 24 low. The Fibonacci retracement indicator, marked from the low of February 24 to the high of February 26, also shows that the price is consolidating just above the .786 level, which is considered the last bullish support zone.
Early signals for bull market
Although Shib price appears more neutral this week, it shows early evidence of a future bull capitulation. Despite the recent sell-off seen in the popular meme coin, external factors may send the Shiba Inu price back into bullish territory. If the bulls hold the $0.00022 support level, there is still not a long chance to bounce back to the .618 and .5 Fibonacci levels. According to
Fxstreet analysis team, the first buy signal in the price of Shiba Inu will be a bullish candle that rises from $0.000024 to 0.5 Fibonacci level. A close above the invalidation level on the popular meme coin SHIB will likely push the price of the Shiba Inu to push the .382 Fibonacci level at $0.0000025 and possibly the higher swing at $0.0000028.
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