After an intense sell-off on September 7, the price of the Shaybah fell. Although she is now recovering from a major meltdown. The Shiba price jumped almost 35% on the 8th of September, and is currently trading at a 25% increase in the past 24 hours.
The meme coin needs to break the $0.0000768 and $0.0000835 levels if the rally continues. This will pave the way to the mid-point of the trading range, $0.00000882, which also happens to be the 50% Fib retracement level. This would represent an increase of 28%.
While Shiba Inu prices appear to be on the rise, the failure to rise indicates a concern. If the buyers cannot hold the asset above the support area, which ranges from $0.0000625 to $0.00000654, the sellers will remain in control.
On the other hand, a final close below the lower band of the $0.00000549 range counters the bullish argument and paves the way for a further decline.
SHIB is getting ready to launch on Coinbase! Analyst hints at correction
The Shiba-Inu-themed memecoin is currently not available for trading on Coinbase.com or similar apps. On September 8, the world’s second largest exchange reported that Shiba Inu coin deposits are now available in countries where trading is allowed.
The current uptrend reversal, according to cryptocurrency expert pseudonym AltcoinSherpa, is due to Coinbase news. According to the analyst, a correction is on the way.