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- Shiba price broke the $0.0000010 key support area.
- Average Direction Index (ADX) started moving above 15 points.
- The market cap of the Shiba Inu dropped by 4.83% to $5.42 billion.
Due to intense selling pressure, buyers lost a critical defensive zone around $0.00010 during the intraday trading session. Shiba prices are being aggressively sold today. Following the breach of the critical level, some holders may contemplate lowering their holdings for a period of time. This might be a contributing cause to today’s strong sales.
Shiba is currently trading at $0.000009819 versus the USDT pair at the time of writing. Shiba INU price entered a range bound period three days ago, following a big stabilization phase. This drop is a huge setback for the bulls, as purchasers have lost key support lines this week. The Average Direction Index (ADX) eventually began to rise over the 15 level.
Shiba price noted a fresh 70 days low at $0.00000962 earlier in the intraday trading session. Due to strong selling pressure, bears may pull down the price morer at current levels. Now the $0.00000930 to $0.0000097 zone may provide short-term support. On the flip side, the $0.0000115 level has a selling point for swing traders.
Trading volume increased last night by 37%, thus the downtrend got fuel today. Meanwhile, the Shiba Inu price along with the Bitcoin pair slipped down at 0.000000000511 Satoshis, looking weak by 5.42% at the time. Similarly, the market cap of Shiba Inu decreased 4.83% to $5.42 Billion.
MFI Indicator Shows Little Positive Sign
The Money Flow index (MFI) recovers from the $30 level. At times the MFI indicator is staying at 38.5 level, suggesting money inflow in Shiba Inu tokens. In contrast, MACD started moving down after a bearish crossover on 10 October.
Conclusion
The Shiba Inu price (SHIB Price) turns bearish after breakdown of conceptual round level of $0.000010. MACD indicator is supporting bears and more downtrend may occur ahead if price slips below $0.00000930 to $0.0000097 zone.
Support level – $0.00000950 and $0.000007
Resistance level – $0.000014 and $0.000018
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.
