Most meme coins have witnessed a serious reduction during this selling phase but they have taken a break while posting some gains amid the latest market recoveries. Shiba currently sits above support with a 4% gain.
Following a short bounce near the $0.00003 level late last month, Shiba Inu encountered a solid resistance and reinitiated drops in continuation of the corrections that started from $0.000045 in the late second quarter.
Yesterday saw the price through a dip into the $0.000017 range after three months of trading. It recovered from that range and now sits well above the $0.000018 support level that produced a short bounce in April.
It is aiming to retest the key $0.000020 resistance level at the moment. A flip through this level to $0.000021 – the weekly opening price level – could lead to a fresh positive build-up on the lower timeframe capable of bringing the bulls back in action.
But from the look of things, the meme coin will much more likely shed more losses until it finds solid support. Adjusting to the hourly timeframe, Shiba is maintaining a lower low and lower high pattern.
If the pattern continues to play, this bearish action may last for a while, possibly revisiting February’s surge level of $0.000011 before regaining strength on a daily outlook.
Shiba’s Key Levels To Watch
Now that the price sits well above the $0.000018 support in the latest increase, the $0.0000158 and $0.000012 levels are the next supports to watch in case of a bearish extension.
A push above the weekly opening price level could pave the way for buying towards the $0.000025 level, followed by the $0.00003 level. If all these levels flip, the next area of interest would be $0.000033 and $0.000035.
Key Resistance Levels: $0.00002, $0.000025, $0.00003
Key Support Levels: $0.000018, $0.0000158, $0.000012
- Spot Price: $0.0000188
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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