As a seasoned cryptocurrency analyst with several years of experience in tracking market trends and analyzing charts, I have grown accustomed to the volatile nature of digital assets. However, even for someone with my background, the current bearish trend across the overall market, as evidenced by CoinMarketCap’s data, is disconcerting.
The overral market trend remains bearish, according to CoinMarketCap.
SHIB/USD
The price of SHIB has gone down by 7.48% over the last 24 hours.
On the hourly chart, SHIB‘s price has rebounded from its nearby support of $0.000016. Yet, should selling pressure persist, a rupture and subsequent drop to around $0.00001580 may ensue.
As a crypto investor, I’ve learned that bears can be just as formidable on larger time frames. If the daily candlestick ends up closing near or below the $0.00001592 mark, the built-up energy could potentially lead to a more significant correction towards the $0.000015-$0.00001550 price range.
Based on the midterm perspective, buying momentum has waned since the close of the preceding bullish candle.
Should the current circumstances persist through the end of the week, there’s a strong likelihood that the price will drop down to approximately $0.000014.
SHIB is trading at $0.00001626 at press time.
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2024-07-25 18:58