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Even though the last few days in the cryptocurrency market have been more of a roller coaster than a financial one, there is still something stable to watch.
For example, the meme-inspired price action of a popular cryptocurrency Shiba Inu (SHIB) survived the massive upheaval with perfect resilience, maintaining a key price level of $0.00002.
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The fact that this price level has held up despite all the wild turmoil and nearly $1.5 billion in liquidations speaks for itself and may indicate that this is indeed the lowest point where the bears are willing for sale and the bulls are ready to buy the Shiba Inu token.
However, the possibility of SHIB finding a bottom here is also indicated by Bollinger bands. Consisting of three curves, the median of which is represented by a 20-day moving average, the indicator reflects a price range in which the asset can be considered oversold or overbought.
Developed by John Bollinger, bands have gained popularity in the financial market because they provide a simple, clear and reliable way to observe the price movement of an asset.
Scenarios
In the case of Shiba Inu Tokenwe just reached a lower band on a daily time frame, which makes it more credible and legitimate. So, this could indeed be the low point for SHIB, with the likelihood of a rise from these levels now being higher than a decline.
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If $0.00002 is indeed a floor for the meme coin, then the next price targets could be at $0.0000222, where the median is, and next to the upper band, which is currently at 0.000025 $.
Interestingly, this is also the next major price level for the Shiba Inu token. Therefore, we currently have two main options for SHIB, and they both point to growth – from 8% to 20%.