Shiba Inu price began the session on a lower note, but quickly recovered in the afternoon trade. The technical chart shows a lengthy consolidation that began in March. The accumulation of the token near $0.000022 pulls demand as investors view it as a discount purchasing opportunity and anticipate a big up move in the price from here on out.

SHIB’s price has been on a long-term downtrend since October 2021, with a solid support level at $0.00002080.
The creation of a bullish candlestick pattern on the daily chart indicates a price rebound in the near term.

The recent downturn drove Shiba Inu into a vital demand zone, which could trigger a new run-up.

On the daily chart, the recent price movement has left investors perplexed as to who wants to profit from the asset given the large variation. SHIB oscillates between highs of $0.000024 and lows of $0.000022 during the day, sending mixed signals.

The creation of the “Dragonfly Doji” candlestick pattern on April 13 suggests that the bulls are weary after the largest single-day gain since February 7, implying that a reversal is on the way. As a result, for the last two weeks, the token has been hovering at $0.0000020.

The ‘Hammer’ candlestick formation, which is a bullish reversal pattern, now gives bulls hope for a swift price recovery. The 50-day Exponential Moving Average at $0.000025 provided the initial upward filter.

On the daily chart, the recent price movement has left investors perplexed as to who wants to profit from the asset given the large variation. SHIB oscillates between highs of $0.000024 and lows of $0.000022 during the day, sending mixed signals.

The creation of the “Dragonfly Doji” candlestick pattern on April 13 suggests that the bulls are weary after the largest single-day gain since February 7, implying that a reversal is on the way. As a result, for the last two weeks, the token has been hovering at $0.0000020.

The ‘Hammer’ candlestick formation, which is a bullish reversal pattern, now gives bulls hope for a swift price recovery. The 50-day Exponential Moving Average at $0.000025 provided the initial upward filter.

The market participant would then seek to withdraw $0.000028. A break below the session’s low, on the other hand, would dismiss the asset’s bullish reasons. In such situation, the price would revert to its April 11 low of $0.000024.

The Relative Strength Index (RSI) is currently fluctuating around 47.  SHIB/USD is now trading at $0.000024, up 2.32 percent as of publishing time.

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