As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations and trends. Based on the latest data from CoinStats and my analysis of the SHIB/USD chart, it appears that the price of Shiba Inu (SHIB) has declined by 2.39% over the last 24 hours, with the rate looking bearish both locally and on the larger time frame.
Most of the coins are not ready for a reversal yet, according to CoinStats.
SHIB/USD
The price of SHIB has decline by 2.39% over the last 24 hours.
Today’s decline in SHIB‘s price has given off a bearish signal on the short-term chart. Should the support level be breached, there’s a strong likelihood that the price will challenge the $0.000022 mark. This situation remains valid up until tomorrow.
On a larger time scale, the bearish trend continues to dominate the cryptocurrency market. If current conditions persist, traders may encounter a retest of the $0.000021-$0.00002150 price range within the coming days.
As a crypto investor, I’m keeping an eye on SHIB from a medium-term perspective. Currently, the price trend seems to be heading towards a test of the support level at around $0.00002078.
If the weekly candle comes close to touching its resistance level, the built-up energy could potentially trigger a breakthrough towards $0.000018.
SHIB is trading at $0.00002222 at press time.
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2024-06-11 13:52