Shiba Inu made a lot of investors, a significant amount of capital in 2021. Its popularity did not diminish during short-term dips as the community continued to rally behind the meme coin. However, the collective market is presently moving towards a prolonged bearish market. While the narrative could change going forward, it is essential to keep an eye on investment levels that could be price-bottoms for Shiba Inu.
Shiba Inu down-trend broken, but not out of bearish woods?
Since the beginning of November 2021, Shiba Inu has been on a consistent decline. After reaching an all-time high of $0.00008875, the meme coin lost considerable momentum. The asset has undergone significant corrections, and now it was consolidating near $0.00002300. There are a couple of positives to take away from the long-term downtrend. As illustrated in the chart, on 6th February, the meme coin breached above the apparent downtrend(white descending line). While it did not manage to navigate too far ahead, it indicated the presence of hodlers.
Now, investors should be analyzing SHIB by keeping an eye on the future. An appropriate buy-in range could be between $0.00001800 and $0.00002050(Green-shaded region in the chart). The bottom line determines the weekly support for Shiba Inu, while the higher line is the daily support. Both the weekly and daily supports were tested in January, and the asset bounced back from both the price range.
Now, ideally, investors should be looking at this price gap as an opportunity because there is a probability the asset will jump higher from this range.
Is it a confirmed-bounce back range?
Like most price ranges for any Altcoin right now, nothing is established with concrete confidence at the moment. The market remains volatile and it may swing in either direction in the long term. However, keeping a bullish perspective in mind, investors should pay close attention to this price range between $0.00001800-$0.00002050.