Sign Up on MEXCSHIB Price Analysis: Shiba Inu Price Poised for 18% Drop as Buyers Lose Key Monthly Support
SHIB Price Analysis: The Shiba Inu price witnessed a sideways trend for the past two months confined between the levels of $0.0000116 and $0.00000975. The consolidation reflected uncertainty among traders as the prices strictly resonated between the aforementioned levels. However, the crypto market witnessed a sudden sell-off today and assisted sellers to breach the lower support of this range. Here’s how you may trade this breakdown.
Key Points:
- A bearish breakdown below the $0.00000975 support accelerates the supply pressure in the market.
- The daily EMAs(20, 50, 100, and 200) hint any potential recovery attempt may face multiple resistance in its way
- The intraday trading volume of the Shiba Inu coin is $180.45 Million, showing a 45% gain.
Source- Tradingview
In the daily time frame chart, the Shiba Inu price shows a decisive breakdown from $0.00000975 support of the current range formation. This breakdown backed by the above average volume indicated sellers are confident to plunge this memecoin’s market value lower.
Thus, the pierced support may flip to viable resistance and offer sellers an additional barrier to pressurize buyers. If the daily candle closes below $0.00000975, the interested traders may wait for a bullish pullback to get a better entry opportunity.
Also Read: Top AI Based Meme Coins List 2023
Furthermore, the potential downfall may plunge the Shiba Inu price 18% down to revisit December 2022 low of $0.00000777.
Technical Indicator
Relative Strength Index: The daily RSI slope dives deeper into the bearish territory reflecting the increased negative sentiment among traders.
Bollinger Band: the coin price falling close to the lower band of the Bollinger Band indicator reflects momentum selling in the market.
Shiba Inu Price Intraday Levels
- Spot price: $0.0000944
- Trend: Bearish
- Volatility: Low
- Resistance levels- $0.0000107 and $0.0000117
- Support levels: $0.00000885 and $0.0000077
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
