Home
News
- The Shiba INU declined nearly 8% this week during a sharp selloff below a long-term bearish trend line.
- Despite the downside, the SHIB token has been consolidating within a horizontal range for the past 6 days.
- The SHIB token along with the bitcoin pair is trading at 0.000000000555 Satoshis, up a little over 2.2%.
With the presence of panic-sellers, the Shiba INU token fell dramatically once more. Based on recent price action, the May high was formed within a key resistance area. Price movement has since tested at least May highs and is still selling. Bounce from the area of interest provides the bulls some room to maneuver.
As per the long-term view, new investors should stay away from the SHIB until it interrupts the braish trendline (white), which has a solid selling zone of bears since late Dec. The Shiba INU declined nearly 8% this week during a sharp sell-off.
Although, SHIB token has been consolidating within a horizontal range for the past 6 days and the $0.000020 Mark seems to be a vital support level for the buyers. In horizontal range, the SHIB is trading at 0.0000198 at the time of writing, with a drop of 6.9% in the last 24 Hours as per the CMC. Moreover, the SHIB token along with the bitcoin pair is trading at 0.000000000555 Satoshis, up a little over 2.2%.
During the downtrend, trading volume increased by 33% in the last 24-hours, which suggests the bears selling intention.
SHIB Looks Bordered
The RSI indicator is showing a low-high formation on the daily price chart. But recently the indicator retested the oversold area before the bounce back.
Furthermore, the ADX suggests less strength in the ongoing momentum.
Conclusion
As long as Shiba INU price holds above $0.00019- support, we can expect a recovery. But still the tooken is bearish in higher time frame.
Support level – $0.000090 and $0.000017
Resistance level – $0.000035 and $0.000040
ALSO READ: In Q1 2022, Block Generated $1.73 billion In Bitcoin Sales via Cash App: Reason Behind Yearly Drop
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
