Most meme coins are in their red zones, including Shiba Inu which has shed a lot of loss in the past few months. The trend looks extremely bearish with no signs of recovery yet.
The past months of negative sentiments plunged Shiba to its lowest price level after losing roughly 0.3% to $0.0000084.
Meanwhile, some altcoins have seen a small relief from their five-month lows but Shiba remains in a key demand zone as it looks for a solid level for recovery.
It saw a sharp rejection and temporarily halted selling pressure after a sudden dip to $0.0000083 in the early hours today. The price later retraced above a key level due to a slight recovery in the overall market. A continuous increase from the current trading level could bring more recovery to the price.
Considering the bearish sentiment surrounding the market, Shiba may still navigate towards the $0.0000079 level that serves as the bottom price during the last bear market. A strong buy action is expected to take place above this level soon. Inversely, it may look for new support if that bottom collapses.
Having said that, Shiba remains the second best-performing meme coin by market cap with almost 27% loss on a yearly scale. Currently, there’s no sign of strength in the market.
SHIB Key Levels To Watch
In case of more recovery, the resistance level to keep in mind lies at $0.00000936. After that, the next area of interest would be the $0.0000105 and $0.0000117 resistance levels, which lie above the resistance line.
If the price drops below the $0.00000837 support level, the potential support level to keep an eye on is $0.0000079. A breakdown from that level could slip the price 5as low as $0.000007.
Key Resistance Levels: $0.00000936, $0.0000105, $0.0000117
Key Support Levels: $0.00000837, $0.0000079, $0.000007
- Spot Price: $0.00000844
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Image Source: aleksandrrr/123RF // Image Effects by Colorcinch
