On August 14th, the SHIB/USDT pair witnessed a sudden inflow, which bolstered the buyers to surpass the $0.0000125 monthly resistance. Moreover, the massive green candle drove the prices to a three-month high of $0.00001774, followed by an immediate correction to stabilize the excess buyers. Read more to see how this pullback opportunity offers sidelines buyers to grab an entry opportunity.
Key points from SHIB analysis:
- The SHIB price drops below the 50% retracement level
- Bullish reversal from the $0.00001 support will bolster the formation of the cup and handle pattern
- The intraday trading volume of the Shiba Inu coin is $813.7 Million, indicating a 17.5% loss.
The bearish pullback with no low activity indicates a temporary retracement in Shiba Inu. Anyhow, the prices tumbled 28% and tested the $0.0000125 as potential support. Along with this horizontal support, the 0.5 Fibonacci retracement level and 50-day at the same spot make it strong confluence support to bolster uptrend continuation.
However, on August 27th, the broader markets witnessed sudden selling pressure and extended the ongoing correction phase in the crypto market.
