As a researcher with extensive experience in analyzing cryptocurrency markets, I find Shiba Inu’s recent price action to be concerning. The breakdown of the crucial support level at $0.00002 has opened up the door for even lower prices, potentially towards $0.00001.
At the $0.00002 mark, Shiba Inu was precariously close to breaking a crucial support point it had previously clung to during the market downturn. Despite valiant efforts, this level failed to withstand selling pressure, paving the way for a potential slide toward $0.00001 for Shiba Inu. Unfortunately, there’s little reason to expect any significant improvement in the near term.
In simpler terms, the initial graph depicting daily data shows how sharply the SHIB price dropped once it broke below the support of $0.00002. This downward trend has been intensified due to significant selling forces following this price drop.
Shib Inu’s RSI indicates that it is currently oversold, but the selling pressure could persist, potentially reaching the support levels at $0.000015 and $0.00001.
At this juncture, these psychological levels could act as a link, providing impetus and momentarily alleviating the persistent urge to buy. It’s a pivotal moment when potential buyers might consider entering the market to seize what could be a discounted asset.
As a researcher studying the Shiba Inu (SHIB) cryptocurrency market, I’ve observed that the $0.00001 level holds significant importance. This threshold could potentially provide more stable support if SHIB continues to decline. Throughout history, round numbers like this have piqued buying interest among investors. Therefore, reaching and holding above this price level might serve as a stronger foundation for any potential rally in the future.
As of recently, the most significant support level for SHIB is situated at multi-month lows. A key challenge for SHIB’s strength would be whether it can surmount the $0.00001 support and trend towards these depths.
The second chart, which is presented on a weekly scale, offers a more detailed perspective on SHIB‘s price fluctuations. This chart reveals the significant resistance at $0.00002, while emphasizing underlying support levels and showcasing the overall trend. A turnaround may not imminently take place given the oversold conditions indicated by the weekly RSI and the prevailing bearish market sentiment.
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2024-06-18 17:36