After a severe sell-off on September 7th, the price of Shiba plummeted. Although it is now recovering from the big crash. Shiba’s price jumped nearly 35% on September 8th, and it is currently trading with a 25% increase in the last 24 hours.
The meme coin needs to break past the $0.00000768 and $0.00000835 levels if the rally continues. This will clear the way to the trading range’s midway point, $0.00000882, which also happens to be the 50% Fibonacci retracement level. This would represent a 28% increase.
While the Shiba Inu pricing appears to be on the rise, failure to go higher indicates a concern. If the buyers are unable to retain the asset above the support zone, which ranges from $0.00000625 to $0.00000654, the sellers will remain in control.
A conclusive closing below the range low of $0.00000549, on the other hand, would contradict the bullish argument and pave the way for further decline.
SHIB set to launch on Coinbase! Analyst hints correction
The Shiba-Inu-themed memecoin is currently unavailable for trade on Coinbase.com or comparable apps. On September 8, the world’s second-largest exchange stated that deposits for the Shiba Inu coin are now available in countries where trading is permitted.
The current bullish trend reversal, according to pseudonymous cryptocurrency expert AltcoinSherpa, is due to the Coinbase news. According to the analyst, a correction is on the way.