As a seasoned crypto investor with a portfolio that’s seen more volatility than a rollercoaster ride, today’s bearish trend isn’t exactly surprising news. However, it’s always a bit disheartening to see my favorite Shiba Inu coin, SHIB, taking a dip yet again. I’ve learned over time that the crypto market is as predictable as a cat on a hot tin roof, so I’m not too worried about the short-term fluctuations.
As an analyst, I’ve noticed that the closing day of this week has been rather bearish for the cryptocurrency market, based on my observations from CoinStats.
SHIB/USD
The price of SHIB has fallen by 4.42% since yesterday.
Regardless of today’s decrease, the Shiba Inu coin (SHIB) appears to be trending downwards on the hourly chart. If bulls fail to push the price above the resistance level at approximately $0.00001752, it seems likely that the decline will persist towards the $0.000017 support zone.
Over a larger time period, we haven’t seen any indications of a reversal so far. If things remain as they are, traders might soon encounter a potential test at the $0.00001650 region.
Viewed from a midpoint perspective, the pace of SHIB hasn’t gathered sufficient momentum yet for a significant surge.
In this case, sideways trading in the range of $0.000016-$0.000019 is the more likely scenario.
SHIB is trading at $0.00001721 at press time.
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2024-10-13 19:56