Shiba Inu Inches Closer to Bullish Comeback as $0.000025 Becomes a Turning Point

Shiba Inu has tumbled 23 percent, but the token’s key support level at $0.000025 remains intact. Analysts suggest the current correction is creating favorable conditions for a possible bullish recovery.

Shiba Inu Faces Challenging Price Action After 100% Rally

The past several days have been extremely trying for Shiba Inu (SHIB) holders, a popular cryptocurrency that was inspired by memes.

Following a massive increase of over 100% since the start of November, the price of SHIB has experienced a nearly 23% decline in the past nine days, and it has lately found significant support at approximately $0.000025 per token.

Despite first impressions, SHIB aficionados are finding themselves in a position to take advantage of some exciting chances presented by the Shiba Inu token's price chart.

Correction Sparks Optimism for Shiba Inu’s Price Recovery

Given that the decline did not surpass one-third of the initial pump, this correction can be seen as beneficial for the meme-inspired asset. What's more, the fact that a crucial price support level has been maintained suggests that this could be the starting point for SHIB's next round of price appreciation.

Especially around the point where the price halted following the Dec. 10 dump, there are still substantial concentrations of liquidity below this support level. The 50-day simple moving average crosses exactly this price point, further confirming its significance, and for the time being, all eyes are on $0.000025.

Bollinger Bands Indicate Possible Local Bottom for SHIB

U.Today previously revealed that the Bollinger Bands, a popular financial market indicator, hint at a possible price decline of the Shiba Inu token to as little as $0.00002456, the present location of the lower band. If SHIB does really reach its local bottom here, it might preserve the bullish bias even if this might lead to another 4.4% decrease for the token. This would be a higher low than what we witnessed in early December.

Overall, SHIB holders may soon no longer have to endure the agony of this price action; the only remaining concerns are when and where.