Shiba Inu retraces back to breakout support

• Shiba Inu token climbs to $0.000017 as risk-on sentiment enters the market

• Token trades at support after losing grip on previous gains

• Crypto Sentiment Remains Weak, But Shiba Inu Could Upside

Whether the Shiba Inu has returned to a bear market is a difficult question to answer. Buyers may be looking to appreciate it after the recent slowdown.

Shiba Inu is one of the cryptocurrencies that recently experienced a massive resurgence during the heyday of the meme rally. However, the token is back to square one, with losses of 17% for him over the last seven days. Most other cryptocurrencies are already in the red, indicating widespread corrections.

When the meme rally ends, the Shiba Inu returns to the support zone

Source TradingView

The current SHIB price is in line with the $0.00001242 support. That’s the level when the price broke and turned bullish on the back of the renewed meme-token rally. The bulls are rejecting downward pressure, a major indicator of strong demand for meme tokens.

The momentum indicator shows bearish price action. We are optimistic that the MACD indicator could turn bullish if the SHIB maintains its support zone.

in conclusion

Sentiment for cryptocurrencies remains weak, but SHIB maintains major support. Bearish pressure is abating as the price remains indecisive at $0.00001242. A potential recovery is possible if the price maintains that level. Investors should monitor price movements closely and consider trading if sentiment improves.

When the SHIB loses its grip on support, the bear dominates. This could push the price trade back to his $0.000010. The next day’s price action will determine the potential direction of the SHIB.