As a seasoned analyst with over a decade of experience in the cryptocurrency market, I must admit that the current state of buyers seems to be weaker than a kitten trying to catch a laser pointer. The red zone has become a familiar sight for many coins, including SHIB, which has dropped by 0.48% over the last 24 hours.
Based on CoinStats data, buyers appear to be losing strength as the majority of cryptocurrencies have moved back into negative territory (red zone).
SHIB/USD
The rate of SHIB has dropped by 0.48% over the last 24 hours.
On the one-hour scale, the Shiba Inu (SHIB) token’s price is attempting to hold at its nearby support level of approximately 0.00001732 USD. If it breaches this level, a potential drop to the 0.000017 area might ensue.
For the daily chart, consider the intermediate level around 0.000017 as your focus. If the rate reaches this point and the candlestick closes without a long lower wick, traders might soon observe a larger drop toward the $0.000016 – $0.00001650 range.
Looking at the midterm perspective, the SHIB price is quite distant from its crucial points. For investors hoping to re-enter the market, it’s necessary to push the price up towards the resistance level of approximately $0.00002017 again.
In that case, one can expect growth to the $0.000022-$0.000024 area.
SHIB is trading at $0.00001736 at press time.
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2024-10-09 17:55