To move forward, SHIB must confirm $0.000010 as support once more
according to recent whalestats Data, SHIB ranked among the top 10 bought tokens for the 500 biggest ETH whales. Specifically, large transactions on the network were up 26%. SHIB price reacted to this by printing two huge hourly candles in the early hours of Friday.
SHIB’s price surged nearly 8% to touch highs of $0.00000948 within the space of two hours before a retreat. At the time of publication, SHIB was changing hands at $0.0000917, up 2% in the last 24 hours after erasing slight intraday gains.
On the upside, SHIB would need a breach above the $0.000010 mark to burn zero in its price. Following the bearish market conditions observed in November as a result of the FTX explosion and subsequent transition, SHIB fell from a high of $0.000013 in early November to a low of $0.0000081 on 22 November.
The steady declines caused SHIB to lose the $0.000010 psychological level, which led to an extra zero in its pricing.
SHIB must have found the bottom of it
It looks like SHIB may have found its bottom at the $0.000081 level after touching this crucial level.
To move forward, SHIB must confirm $0.000010 as the support once more. SHIB’s price action has stalled below this key level in the past week, indicating that a short-term barrier might be gradually building.
Meanwhile, other key levels for the buyers to conquer are $0.0000103, which is the daily MA 50, and $0.0000111, which coincides with the MA 200.
A successful attempt past these key levels might result in the SHIB price testing late October’s high of $0.00001518. The SHIB ecosystem has received a positive inflow of news in recent days; therefore, bulls have a shimmer of hope.
The daily RSI is also slightly tilted to the upside, considering a possible move near the neutral mark of 50. On the other hand, the general market recovery should be closely watched, as the SHIB reflects the price of bitcoin with a 95% correlation.
