The last line of defense against another downfall has the potential of a 20% price jump. Will the buyers step-in to promote growth in SHIB coin price?

Once there was a truly special dog and he was named Shiba Inu. This dog enticed millions of people all over the world to put their money in tokens that had the image of the dog on them.

As per Shiba Inu's website, SHIB is the "DOGECOIN KILLER." However, the latest information about Shiba Inu’s (SHIB) listing on Taiwan's most popular exchange BitoEx did not inspire investors.

Read more to know more about the technical analysis of the Shiba Inu token.
<h2>Past Performance of SHIB</h2>
SHIB coin price shows a 34.5% <a href="https://www.cryptoknowmics.com/news/price-drops-10-for-shiba-inu-as-robinhood-coo-talks-listing/">fall</a> in the last month, resulting in a downfall from $0.00007900 to the support level of $0.00002952. However, the recent support level acts as a key defender against a 20% fall to the $0.00002332 mark. 

The 3.59% fall in market cap in the last 24 hours while the intraday trading volume grew by 35% hints at the double-edged nature of coin price. 

<img src="https://s3.tradingview.com/snapshots/i/iCCfWlD2.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/iCCfWlD2/">SHIB/USD Daily Chart</a>
<h2>SHIB Technical Analysis</h2>
The SHIB coin price forms a bullish candle in the daily chart as the price grows 1.96% on 18th December, at the press time. Therefore, the price is ready to break above the downtrend if buyers step in at the crucial $0.00002952 support level.

If buyers take over the trend, an upside move of 20% to 30% is possible to $0.00003776 or $0.00004225. However, if the bears demolish the $0.00002952 support level, the next prominent demand level is at $0.00002333.

The RSI indicator at 38% shows a decline in the slope as it breaks below the central line. However, a reversal in the coin price can result in a sudden spike in the slope.

Furthermore, the Stochastic RSI in the daily chart shows a bearish crossover slightly above the oversold boundary. However, the oversold nature indicates a bullish reversal is in order. 

In conclusion, the $0.00002952 remains a key support level for a bullish recovery in SHIB coin price. And, the indicators showcase saturation in selling pressure.
<h2>Upcoming Trend</h2>
Currently, the SHIB coin price remains above the $0.00002952 mark and shows a bullish candle forming in the daily chart. Therefore, the chances of a bullish recovery are increasing.

Traders can expect a target near the $0.00003800 mark if the buyers step in at the right moment. However, a stop loss below the $0.00002952 mark must be in place to avoid a bull trap.

SHIB Technical Analysis: Bullish Reversal Begs Buyers to Step-In Before Another Collapse

The last line of defense against another downfall has the potential of a 20% price jump. Will the buyers step-in to promote growth in SHIB coin price?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SHIB Technical Analysis: Bullish Reversal Begs Buyers to Step-In Before Another Collapse

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