The last 24-hour decrease across the market has positioned Shiba in the red as it dropped off its monthly high a few days ago. It will likely shed more losses if the meme coin continues to drop by the day.
Shiba is considered bearish from a long-term perspective despite the recent bullish rally. However, it has seen substantial growth since the price bounced off its two-year low some months back.
Although not much compared to other meme coins’ performance like Bonk Inu – which saw a massive explosion to a new all-time high recently – Shiba struggled and failed to break above its ten-month high.
Notwithstanding, its performance is better than Dogecoin. The trend is still much in favour of the bulls from a short-term perspective. If they show strong commitment, we can expect a bullish continuation towards the $0.000015 level in no time.
This action is expected after a successful break through the long descending resistance line. A drop below the key $0.00001 level could trigger another drawdown on the daily chart.
Having said that, Shiba’s price is still relatively cheap to accumulate for a long-term gain. A huge volume inflow can be expected as soon as the bull cycle takes off at full speed. For now, there’s not enough volume.
Based on CoinMarketCap metrics, it remains the second largest meme coin with a market cap of about $5.91 billion at the time of writing.
Shiba’s Key Levels To Watch
Shiba currently sits on a support level of $0.000010. A drop below this level could see the price fall to $0.0000091. The $0.0000076 level would be the next support to watch in case of further dips.
The buyers are off the market at the moment. If they step back to retake the $0.00001195 resistance level (monthly high), the next resistance to watch for a breakup is $0.000014, followed by $0.0000157.
Key Resistance Levels: $0.00001195, $0.000014, $0.0000157
Key Support Levels: $0.000010, $0.0000091, $0.0000076
- Spot Price: $0.00001
- Trend: Bullish
- Volatility: Low
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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