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SHIB Price Prediction: Shiba Inu flashes buy signal after a steep decline

  • SHIB price is down by nearly 60% since the daily open on May 19. 
  • Despite the significant losses incurred, Shiba Inu looks primed to rebound. 
  • A spike in buying pressure around the current price levels could see the meme-coin rise to $0.00001665.

SHIB price has suffered an 80% correction since the all-time high of $0.000036 made on May 10. As long as the $0.00000968 support holds, Shiba Inu has an excellent chance to bounce back.   

SHIB price primed to make a comeback

On the SHIB 3-hour chart, it seems like the recent flash crash was contained by the 200 three-hour moving average. Although Shiba Inu briefly dropped below this support level, it looks like it has kept falling prices at bay.  

Coincidentally, the Tom DeMark (TD) Sequential indicator presented a buy signal within the same timeframe. The bullish formation developed as a red nine candlestick. It suggests that SHIB price is poised for a one to four 3-hour candlesticks upswing.

If validated, Shiba Inu could rise toward the 50 three-hour moving average at $0.00001665. Breaking through this major area of resistance would be critical for SHIB price to resume the uptrend seen at the beginning of the month. 

SHIB/USDt 3-hour chart

SHIB/USDt 3-hour chart

Nonetheless, a break of the 200 three-hour moving average at $0.00000968 could be catastrophic for the SHIB bulls. The next significant area of support sits at $0.00000405, which would represent a 58% decline from the current price levels. 

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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