Shiba Inu remains weak after decreasing by more than 10% since last week. It is still finding close support to a lay-by for a while before deciding on where next it’s heading.
Last week saw the entire crypto market undergo a broader correction. The dogecoin killer – SHIB is not exempted as it had its fair share in the downfall, recording almost 10% in the same week.
The price didn’t drop much today but the bearish party seems to be coming to an end. Though sell actions may extend if the bears step back. Although the $0.00001 level is held as support for the past hour with a small 0.50% daily loss.
However, the past three days of trading have brought a small break in bearish sentiments for Shib. The sentiments have temporarily faded off as the price entered a consolidation stage in the 4-hour time frame. A significant surge in volatility would determine the next price direction.
Some important levels could be visited if the price continues to break lower. But if the price breaks higher, we can expect the asset to recover to the previous breakdown level before deciding on whether to climb further or resume drawdown.
SHIB is still cheaply providing discounts with a huge buying opportunity. We should expect a massive price movement once it establishes solid support. The trend looks extremely bearish on the weekly and monthly outlooks.
SHIB Key Levels To Watch
For a change in trend, SHIB will have to retake some resistance levels, especially the previous high. The immediate one to keep in mind, for now, is $0.0000105, then followed by the monthly high of 0.0000117. The $0.0000129 level is the next resistance to watch.
An extension below the holding support level could slip the price as low as $0.00000936, $0.0000084, and $0.000008 in the next leg down.
Key Resistance Levels: $0.0000105, $0.0000117, $0.0000129
Key Support Levels: $0.00000936, $0.0000084, $0.000008
- Spot Price: $0.0000102
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: kviztln/123RF // Image Effects by Colorcinch