The $0.000055 Level is Critical for Shiba Inu’s Bullish Breakout

Shiba Inu lost 2% in the past 24 hours and moves in a bearish attitude at $0.0000514. Meanwhile, the meme coin witnessed its market value and trading volume decrease. The somewhat ugly price actions saw the altcoin losing its place among the top ten cryptocurrencies by market capitalization. Overpowering the resistance at $0.000055 will mean SHIB’s bullish breakout. 

Shiba Inu (SHIB) saw its price plummeting by 2% over the previous day, trading inside the red region at $0.00005140. Also, the altcoin’s trading volume kept plunging, standing at 42,379,346,806 following a 52.14% fall in the past day. 

The meme crypto has also witnessed its market cap plummeting by 2% to hover at $28,140,426,223. Respecting its market value, SHIB dropped towards the 11th spot. For now, the meme cryptocurrency shows bearish dominance, confirming the Dogecoin competitor might see extended plunges in the upcoming sessions. 

SHIB’s Downward Trend

SHIB has suffered a 42% plunge from the 20 October ATH of $0.00008932 to its present value near $0.00005140. The asset’s current price actions have resulted in a descending price channel on the 4hr price chart, with SHIB encountering continuous rejection by the channel’s top boundary. 

Shiba Inu encounters an immediate resistance at $0.00005510 where the 50-SMA coincides with the channel’s upper boundary. If Shiba Inu bulls improve their actions to flip the level into footing is critical for SHIB to enjoy a bullish breakout. A significant bullish breakout will emerge when Shiba Inu overpowers the obstacle at the 10 Simple Moving Average at $0.00006099. After that, the meme crypto will tag a new ATH near $0.00008932. 

SHIB/USD 4Hr Price Chart 

The failure to overcome $0.000055 will mean SHIB’s continuing with its current price trend. Meanwhile, closing under the psychological level at $0.000050 might see the canine-themed coin tagging the prevailing chart formation’s middle border at $0.00004225. If the support in this area fails to maintain SHIB, it will see further drops. It might then tag the prevailing chart formation at $0.00002926, translating to a 43% plummet from the asset’s current price. 

Dropping trading volume and the downward Moving Averages confirms SHIB’s bearish picture. Moreover, the down-sloping Relative Strength Index towards the oversold territory indicates that bears remain in control, a bearish case. 

Meanwhile, the SuperTrend indicator overturned to bearish from bullish on 3 November and shifted past the price, confirming a sell gesture. If the SuperTrend indicator stabilizes above SHIB price, the bearish strength will dominate. 

Moreover, IOMAP data indicates that SHIB price encounters significant resistance, supporting the bearish narrative. 

SHIB IOMAP Price Chart 

The closest resistance level at $0.000055 is inside the price range at $0.000054 – $0.000056, where about 25,450 wallets previously purchased nearly 28,512 billion Shiba Inu. These investors may decide to break even to curtail any trials to push Shiba Inu past this level. 

For now, market experts remain bullish as far as the crypto market is concerned. Keep in mind that December has been a crypto month for crypto. For that reason, most assets, including SHIB, has a chance to explore new price levels in the coming month. 

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