Amid yesterdayβs historic market crash, the global crypto market has rebounded slightly, recovering some of its losses as key players trade in the green again. Among these tokens is Shiba Inu (SHIB), which has refrained from adding another zero to its price.
As observed on TradingView, Shiba Inu exhibited a 41% dip since the debut of the ETH ETF to a $0.00001079 low, an area last seen in February this year. Historically, the last time SHIBΒ traded in this area, the token witnessed a massive surge to a yearly high around the $0.000045 level.
Back then, market experts projected that Shiba Inu was on its way to eliminating one zero in its value. However, this scenario has yet to materialize as SHIB significantly dipped from the yearly low, with yesterdayβs fall being one of the most significant since the FTX debacle.
SHIB Breaks Free from Symmetrical Triangle
Since its yearly high around March 5, the SHIB token has been oscillating in a symmetrical triangle pattern, formed by a sequence of lower highs and higher lows. This pattern is typically associated with a consolidation period before a potential massive breakout in either direction.
Nevertheless, the Shiba Inu price broke below the lower trendline to a low of $0.00001079. Essentially, this move signals a bearish breakout from the symmetrical triangle pattern, indicating a potential for further downward price movement in the near term should the bearish momentum persist.
Not to be outdone, the bulls have pushed SHIB prices upward, regaining yesterdayβs loss. Consequently, market experts anticipate an intraday reversal to reclaim the lower trendline, which could indicate a potential reversal toward the upside.
Meanwhile, the SHIB token exchanges hands at $0.00001373, marking todayβs top gainer with an increase of 11.97% in the last 24 hours. This uptick has further impacted the SHIB market cap, pushing it to 8.091 billion. This places the asset in the 13th spot in the crypto market rankings, with a circulating supply of 589,270,513,609,351 tokens.
SHIB on the Rise: $0.000014 Level Within Reach
Following todayβs market rebound, the SHIB token is anticipated to experience a surge in the short term, potentially trading above the $0.000014 level before the day ends. This threshold will position SHIB above the trendline, a positive indicator that market experts are closely monitoring for further gains in the near term.
A breach above this level could push Shiba Inuβs price toward the 0.382 Fibonacci level, around $0.00001582, to challenge the immediate barrier at the $0.000017 level. This move could eliminate the bearish mood in the SHIBβs weekly chart. Moreover, the RSI index supports this sentiment as it trades in oversold conditions, signaling a price reversal is imminent in the near future.
Conversely, should the bears overpower the bulls once again, market analysts project Shiba Inuβs value could plummet to deeper levels, possibly breaching its most recent support around the $0.00001079 level. Such an event could further pull SHIBβs price toward the $0.00001 level, which is critical for the cryptocurrencyβs long-term stability.
Also Read:Β Bitcoinβs Fear & Greed Index Drops to 17 Amid Market Slump
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