SHIB price is struggling to find support and the Shiba Inu is unable to hold above $0.00003535 and is seeking support. According to the analyst, SHIB price lacks many technical elements that provide adequate support over a longer time frame.
Shiba Inu levels
For now, SHIB is at the mercy of bears pushing SHIB prices down; and it broke below the critical $0.00003535 level this week. While the bulls are looking for good entry points, there are no key entry points for now unless they go further. According to analyst Filip L., expect SHIB price to drop to $0.000003000 with monthly support level of S1. While the current outlook is grim, there is a bullish reaction just around the corner. Shiba Inu price posted some promising bullish signs last week as it was held at $0.00003535 and the bulls were able to close above it throughout the week. SHIB bulls can hold the S1 monthly support level at $0.00003000, which acted as a good support in the important correction made by the Shiba Inu price action at the end of November. If this fails to hold, expect a lower leg to $0.00002640, which acts as support in a retest following the mid-October break above $0.00003535. Expect this level to hold some support as the ground acts as a launch platform for the higher rally.
If traders get the SHIB price action going into Christmas, a reversal could be made as the bulls will happily buy Shiba Inu coins at these discounts. Most of the 2022 predictions come out this time of year, and most are pretty optimistic about cryptocurrencies. This in turn creates a positive tailwind that will boost the sentiment and push price action back to or above $0.00003535. On the upside, the 55-day SMA looks like the first test to take profits and is near $0.00004728 if a drop in price action can be avoided.