Jul 01, 2022 04:00AM ET
By: AnalysisWatch
It looks like the SHIB price is trying to bounce back.
In the last 24 hours, the SHIB price has risen 1.94%.
Investors should be cautious as the recent move could just be month-end volatility.
The Shiba Inu price appears to be trying to recover lost ground and return to recent levels.
The SHIB price recently started a massive uptrend after bottoming on June 19. However, the uptrend was accompanied by some problems and market headwinds.
This led to an eventual recovery in the SHIB price. Now, it looks like the SHIB bulls are gearing up for another bull run.
Between June 20 and 21, the SHIB price rallied about 50%, turning the resistance barrier in the high time frame at $0.0000095 into support as well. Something interesting to note is that this rise also turned the downtrend into support.
The SHIB price then briefly retraced and consolidated before entering another 30% rally to establish a swing high at 0.0000121 USD.
This move was short-lived as a lack of momentum and deteriorating market conditions led to a 21% price decline that again tested the support barrier at 0.0000095 USD.
SHIB investors saw this level as a buying opportunity, with their buying pressure leading to an 11% move so far.
If this trend continues, the SHIB price could rise another 15% from current levels, resulting in a total 25–26% move.
SHIB may be looking to retest its first liquidity target at USD 0.0000119. If it successfully overcomes this level, it could return to the 0.0000130 USD level.
SHIB is currently trading at 0.00001011 USD after rising 1.94% over the last 24 hours, according to CoinMarketCap.
Despite the bullish outlook in the market, investors should be careful as this could just be volatility at the end of the month.