The previous month was a tough one for many in the crypto sector. On average, since the beginning of June, the crypto market has fallen over -35%. Meme currencies like Shiba Inu have certainly not been immune to this decline.
Shiba Inu prices dropped about -50% but have risen significantly since then. Many indicators indicate that Shiba Coin can continue to recover to the May levels.
The Recovery of Shiba
Shiba Inu swiftly recovered 20 percent in the following days, after a second decline to $0.00000580 on the 22nd of June. This rapid bounce produced a tumultuous double bottom.
Since the low level, SHIB Token has recovered over 70% to $0.00,000,959. The recovery in recent days has helped SHIB to break a 5-week downward trend. This is a major indicator that for Shiba Inu the trend may have shifted into a short-term positive.
Moreover,
Shiba Inu lands with major resistance of $0.00000959 to $0.00000987. Once this region breaks and holds, SHIB’s recovery will exceed $0.00001. Until then, $0.00,000871 and $0.00,000819 will be supported by the SHIB pricing.
Everything under these marks will make the short-term price of the SHIB bizarre again. The 15MA has held the price for over a week and a half, so a break below can cause a further sale below the five-week trend.
Studying Stochastic RSI
Examining the Stochastic RSI, one can see that it refused to stay in over-bought land, with a small various tendency. A breach below the 50 value might indicate a short-term sale. If this trend collapses Shiba Coin will see the price drop to its next support, then the normal RSI has held an upturn for over 10 days.
