As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market fluctuations. The current trend of coins taking a plunge at the start of the new month is nothing new to me – it’s like clockwork!
Based on data from CoinStats, a majority of the coins started dropping at the outset of the new month.
SHIB/USD
The price of SHIB has gone down by 2.69% over the past day.
On the hourly chart, SHIB‘s rate has breached its support at $0.00001355. As long as the price remains below this level, the bears have the upper hand. This could lead to further drops, potentially reaching the range of $0.00001330 to $0.00001340.
On the bigger time frame, the price of the meme coin is far from its key levels.
Conversely, if the daily candle ends close to its lowest point, it’s likely that the $0.0000130 region will be tested in the coming week.
For the past week, Shiba Inu‘s price chart has been showing a downtrend. If current conditions persist and SHIB surpasses the $0.00001266 mark, traders might observe a continued drop in price to approximately $0.000010.
SHIB is trading at $0.00001358 at press time.
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2024-09-01 19:16