The market-wide profit-taking that began with the crypto market crisis on Tuesday, November 16 has pushed Shiba Inu’s price below the $0.000050 support level. The second popular meme coin, Floki Inu, has declined roughly 25% from its highs of around $0.0024 on November 15 to its current price of around $0.001814. FLOKI flipped the $0.00022 major support level into resistance during this plunge, suggesting that a further drop is possible.
The Shiba Inu Is Gearing Up For A Massive Upswing
Since hitting an all-time high at $0.0000885, the SHIB price has made five lower highs, indicating a lengthy drop and forming a downtrend line on the daily chart.
SHIB, on the other hand, has been stabilizing above the $0.000448 demand level, with market players anticipating that buyers will collect Shiba Inu on the dips, causing an upsurge.
If SHIB climbs over the $0.00005337 significant resistance mark, shattering the downtrend line and tagging $0.0000565, the present downtrend will be reversed.
The drop will be prolonged to the $0.000036 support wall if SHIB closes the day below the immediate support provided by the $0.000448 support wall. The bullish thesis will be further weakened if Shibe Inu goes below $0.00002816, a 41% drop from its current price.
SHIB/USD 1 Day Price Chart: Source – Coinmarketcap.com
Upwards, the Floki Inu Price is met with stiff resistance
The price of the Floki Inu is trading even lower than the descending trendline, the 50-period Simple Moving Average (SMA) at $0.0002373, and the 100-period SMA at $0.0002532, indicating the significant upward resistance FLOKI confronts.
If FLOKI bulls want to prevent more losses, immediate support at $0.0001790, accepted by the 200 SMA, is critical. If the price of Floki Inu closes below this level, it may fall towards the $0.000150 support level. A further loss below this level might prompt a flood of sell orders, sending FLOKI down to $0.00006323, a 66 percent decrease from its present level.
Folki Inu/USD 1 Day Price Chart: Source – Coinmarketcap.com
This bearish picture is supported by down-sloping moving averages, the Relative Strength Index (RSI) near to the oversold zone at 31.62, and the MACD below the zero line in the negative region.
If Floki Inu can successfully defend the 200 SMA support level at $0.0001784, it will ascend to the psychological level of $0.00020. FLOKI must break over the $0.0002090 significant obstacle to achieving a clear bullish breakout, following which it will be feasible to break through the $0.0002203 resistance offered by the descending trendline.