Shiba Inu price tests critical support level as bears aim for $0.00002

Shiba Inu price action has been range-bound all week.
SHIB went back to retest the last level of support at $0.000022.
Further selling pressure appears to be accumulating.

FXStreet Team FXStreet

Shiba Inu price is in a crucial spot as the sell-off that occurred over the past few days has wiped out bullish momentum. It seems like bears could push SHIB lower.

Shiba Inu price is losing ground

Shiba Inu price is in a very tight spot as it fluctuates 7% above February 24’s swing low. The Fibonacci retracement indicator marked from the February 24’s swing low to the swing high on February 26 also shows that price is consolidating right above the .786 level, which is considered the last bullish support zone.

Although SHIB price has been looking more neutral this week, it shows early evidence of a future bull capitulation.

Shiba Inu 12-Hour Chart

Despite the recent sell-off, external factors could send Shiba Inu price back into bullish territory. If bulls maintain the $0.000022 support level, there is still a chance for a bounce-back up into the .618 and .5 Fibonacci levels.

The first buy signal will be a bullish engulfing candle into the .5 Fibonacci level at $0.000024. A close above the invalidation level will likely propel Shiba Inu price to challenge the .382 Fibonacci level at $0.000025 and possibly the swing high at $0.000028.