After losing roughly 45% of its value over the past several weeks, Shiba Inu continued to maintain its long-term bearish. Though, it has found support above the $0.000008 level. The price is now trading sideways after it failed to sustain momentum.
SHIB’s trading has moved from little-to-no volatility over the past days after the price broke out from a descending channel. The past weeks of choppy price actions suggest a lack of interest in the market as the trade continues to remain boring for traders.
Just as Dogecoin recently established support, it has held the $0.0000083 level as support for some days now. It is yet to witness a significant price movement as the trading price is stuck below the $0.0000096 resistance level.
These mentioned levels have remained in a tight price range for the meme coin due to low trading volatility and decreasing volume in the market. As soon as SHIB’s price breaks from this price range, we can expect the market to rally.
The price is currently on the verge of increasing above the $0.00000096 level. Meanwhile, the bears are still trying to show interest, but their commitment is not strong enough to gain control. If they gain control, the market will likely resume selling pressure in no time. However, the bulls will probably gain market control if they push the price above the mentioned level.
SHIB Price Analysis (SHIBUSDT): 4-Hour Chart
The $0.0000083 level is serving as support on the 4 hours chart. If this support breaks, the closest support to look out for is the $0.00000771 level. The following support to keep in mind is the $0.00000715 level.
On the other hand, the $0.0000096 level remains a critical level to break for recovery. The resistance to watch above this level is $0.00001 in case of a break, followed by $0.000011.
Key Resistance Levels: $0.0000096, $0.0000104, $0.0000116
Key Support Levels: $0.0000083, $0.00000771, $0.00000715
- Spot Price: $0.0000093
- Trend: Neutral – Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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