Shiba Inu (SHIB) decreased by 7% today after losing a crucial support level in the past weeks. It remains in a downward spiral but encountered an important support level. Selling pressure paused as it negotiates for the next direction.
Shiba has made another major shift in price today after trading above the $0.00000083 level for three weeks. The bears cracked that level a few hours ago and pulled the price to a daily low of $0.00000077.
It is currently testing a year demand zone, and at the same time marked a six-month low at that low level. The $0.0000079 level, marked as last December’s low, is now suppressing bearish pressure. A solid hold at this level could trigger a small increase before resuming the drop.
The descending resistance line forming on the daily remains a crucial breakpoint for an increase. A successful increase above that resistance line should confirm a buy towards the $0.00001 level before dropping. That could also bring a reversal in the existing trend.
Should Shib slip further in the next few days, it is likely to navigate June 2022 low as support. Breaking it could lead to a massive drop, capable of crashing the price to $0.000004 within a blink of an eye.
So far, Shiba has seen over 26% loss on a yearly scale. More negative actions could come into play if the price continues to drop. It remains the second-largest meme coin with a market cap of $4.7 billion at press time.
SHIB’s Key Levels To Watch
As there’s nothing much for the bulls following the latest bearish dominance, the immediate resistance level to watch for a retest lies at $0.0000083. The resistance to watch above the trendline is $0.00000918 and $0.00000979.
While testing the $0.0000079 support level, a dip below it could send the price to $0.00000714. There’s a key level at $0.000007 in case of a breakdown.
Key Resistance Levels: $0.0000083, $0.00000918, $0.00000979
Key Support Levels: $0.0000079, $0.00000714, $0.000007
- Spot Price: $0.00000798
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: zieproject/123RF // Image Effects by Colorcinch
