Shiba Inu 8% Slide Brings $0.000012 Support into Focus: Will It Hold

A bearish reversal on Sunday nullifies the bullish trend in Shiba Inu over the week. Undermining the recovery run, will sellers break below the $0.000012 level and the crucial support trendline in action?

Trapped in a bearish trend, Shiba Inu experiences a constant decline with minor recoveries along the way. With multiple failed bullish attempts, the bears control the second biggest meme coin price action today.

Further, the rising liquidations in the crypto market increase the fear surrounding the meme coins. With the bears attempting a bearish breakdown of the support trendline, will buyers survive the intense supply over $0.000012?

Bearish End Undermines 11% Surge.

In the daily chart, Shiba Inu trades close to the declining support trendline of a falling channel pattern. Following the bullish success of maintaining dominion over the support trendline on the Monday crash, the meme coin jumps 11% on Thursday.

Bitcoin Price Chart

However, the bulls quickly lose the momentum following the engulfing candle before reaching the $0.000015 mark. A slow and steady surge in supply near $0.0000145 results in a pullback phase, leading to a 4.97% drop on Sunday.

Calculating from the high formed on Sunday at $0.00001468, Shiba Inu is down by 8.11% within 24 hours. Further, the bearish run undermines the bullish outgrowth on Thursday, threatening a drop to $0.000012 or the support trendline.

Coming to the technical indicators, the MACD and signal lines are on the verge of a bullish crossover despite the Sunday drop. Meanwhile, the 20-day EMA continues to act as a dynamic resistance, causing the ongoing reversal.

Will Shiba Inu Surpass $0.000015?

With an ongoing bear cycle, the bullish chances are over the ledge. However, the 4-hour chart reveals a hope for recovery.

As per the Fibonacci levels, the ongoing crash forms a streak of five bearish candles to test the 23.60% Fib level at $0.00001331. Nevertheless, a bullish candle ends the streak with Shiba Inu aiming for a recovery run with a post-retest jump.

Bitcoin Price Chart

Sustenance above the 23.60% Fib level will keep the reversal chances alive. Further, if there is a bullish breakout of the overhead ceiling at $0.0001457, then $SHIB will likely reach $0.00001560 or the $0.00001662 level in the coming days.

On the downside, the support levels are at the $0.00001200 psychological mark and the $0.00001127 low.

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