As a researcher with a background in cryptocurrency analysis and a keen interest in the market trends, I’ve been closely monitoring the price action of Shiba Inu (SHIB) over the past few days. Based on the data from CoinMarketCap, it appears that sellers have maintained their pressure throughout the week, with SHIB experiencing a 1.68% decrease in value over the last 24 hours and a more significant 6.88% decline over the past seven days.
Sellers keep their pressure on the last day of the week, according to CoinMarketCap.
SHIB/USD
I’ve noticed that my SHIB investment has dipped by 1.68% within the past day. On a weekly scale, there’s been a more significant drop of 6.88%.
On the hourly chart, the altcoin’s price hovers around the midpoint of its local price channel. But if it hits $0.00002330, there’s a possibility of a resistance breach, leading to a potential jump towards the $0.00002360 area.
In the context of daily trading, keep an eye on the short-term resistance level at $0.000023 on the chart. If the candle closes below this mark without a significant wick, the price may drop further to the $0.000022 region in the following week.
From the midterm point of view, the price of SHIB is closer to the support than to the resistance.
If the pressure on bears (sellers) persists, there is a risk that the bearish momentum could build up enough force to push the price below the $0.00002078 level. Following such a breakout, there is a possibility for a significant downtrend towards $0.000018.
SHIB is trading at $0.00002317 at press time.
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2024-06-09 17:07