Is it a Good Time to Buy Shiba INU(SHIB)?
Shiba INU’s price witnessed a bullish breakout after a prolonged consolidation of more than three months. While it was speculated that the asset may regain levels above $0.00002, the bears sealed the upper cap at $0.000017. Now when the SHIB price is again hovering along its lower support, the asset is further expected to repeat the previous trend.
Presently, SHIB’s price is defending the buyers with a decent increase of 3.13% compared to the previous day’s close. However, the price is still holding strong above the 50-day MA levels, forecasting the possibility of a firm rebound very soon.
The SHIB price after the recent drop appears to have accumulated some strength and hence maintained a squeezed trend from the past couple of days. While the volatility has reduced considerably, the probability of a breakout emerges. The breakout could be mainly as per the volume induced, however, a surge is largely the most expected outcome.
On the other hand, the RSI in the daily timeframe has been heading constantly towards the south and appears to test the lower support before rebounding. However, no clear signals have been flashed by the MACD which indicates the continuation of a parallel or slightly declined consolidation.
Therefore, at the end of the consolidation, the Shiba INU(SHIB) price may surely rebound after testing the lows below $0.000012. Hence may continue to hover around the same levels until the monthly close, but could forecast a thriving H2 2022 ahead.