Shiba Inu entered this week at a loss and further dipped to a new multi-week low. It sharply rejected that price level and climbed back to the $0.0000088 level, where it remained stagnant since Wednesday.
After plunging to $0.0000083 earlier this month, Shiba rapidly rejected the price level and made an impressive bounce above $0.00001. Due to a rejection, it marked a resistance around that price level and halted buying.
It initiated a drop and continued to paint a bearish picture with a back-to-back swing low on the intraday trading. Since it recovered from a two-month low recently, the price has remained indecisive on the daily chart.
Right now, trading looks boring due to a lack of interest in the market. While the price is currently at equilibrium, this nonvolatile period may last for more days before we can see some notable moves.
If trading activity returns due to enhanced volume, Shiba could continue the downtrend to tap more lows. A drop below last November’s low could trigger robust sell-offs.
Initiating a buy from the current trading level could inversely trigger a small retracement up before resuming its bearish impulsive movement. In a nutshell, Shiba has registered a total loss of 22% in the last 30 days.
Shiba Key Levels To Watch
While the price looks indecisive at the moment, the support level to consider for another drawback lies at $0.0000083 – the two-month low. After a successful breakdown from there, $0.0000076 and $0.0000067 are the next key support levels to keep in mind.
The resistance level for a potential retracement lies at $0.0000093. A break above the descending resistance line could fuel an increase to $0.0000098 and $0.0000105. The $0.000011995 level is the next resistance to watch for a breakup.
Key Resistance Levels: $0.0000098, $0.0000105, $0.00001195
Key Support Levels: $0.0000083, $0.0000076, $0.0000067
- Spot Price: $0.0000088
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: igorigorevich/123RF // Image Effects by Colorcinch