The Shiba Inu is testing the January support zone

• Shiba Inu fell to a six-month low yesterday at the 0.00000835 level. 

Shiba Inu chart analysis

Shiba Inu fell to a six-month low yesterday at the 0.00000835 level. The last time the price was at that level was on January 6 of this year. Now we see a recovery and a move to the 0.00000890 level. It is positive that we are back in a large channel that could provide us with additional support.

Shiba may test the 0.00000900 level soon. It would be positive for the price if we stayed there because a better initial position for potential growth and recovery could be created. Potential higher targets are 0.00000925 and 0.00000950 levels. We need a negative consolidation and a new price pullback for a bearish option.

We could see a new test of 0.00000850 and the previous low. The increased pressure in that place likely leads to the continuation of the retreat and the formation of a new lower low. Potential lower targets are the 0.00000825 and 0.00000800 levels.