Shiba Inu (SHIB) price broke below a critical support level to accommodate a bearish bias. While buyers from this region kept the price in check, the bulls seized the opportunity to make a move to the upside. Crypto analyst Filip L. thinks SHIB price could reach $0.00002800 again.
SHIB price to restart 2022 uptrend
After the Shiba Inu was rejected upwards from the red descending trendline, it dropped below the key green ascending trendline that served as the backbone of the uptrend throughout 2022. On the HL levels, however, the scene looks poised for a squeeze and blowout as the bullish momentum builds and the RSI pushes higher. Analyst Filip thinks the bulls could re-stage at $0.0002284:
A bullish indicator would be when it returns to the daily pivot support around $0.0002284. From there, a quick bounce is visible towards monthly R1, just a few clicks away from the 78.6% Fibonacci level at $0.00002782, so assume $0.00002800 as the big figure target and take a 35% profit with it.
The risk comes with a fifth, definitive rejection against the red descending trendline or the green ascending trendline. In this scenario, the bulls may encounter a glitch, triggering short-term take profits and drop 22% to $0.00001708, which can be extended. With this move, the RSI will again hit the oversold barrier and see a bullish reversal for the next attempt.
Conclusion
Shiba Inu is poised to restart its uptrend after an unexpected breakout to the downside. According to the analyst, a 35% increase can be expected towards $0.00002800, which is a vital level going forward. SHIB price is currently trading at the intersection of two major trend lines.
Can Shiba Inu drop more after $0.000021?
Another expert with whom we share the analysis as Kriptokoin.com, Akashnath says that the RSI on the hourly chart has risen above neutral 50, but it is not yet clear whether the indicator can stay above 50. According to the analyst, if the SHIB is rejected at $0.000021 in the coming hours, another wave of selling can be expected.
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