- Shiba Inu continued to face significant selling pressure and kept losing key support levels
- Traders should now monitor the $0.0000128 support level closely
As a seasoned crypto investor who’s seen more than a few market cycles, I must say that the current state of Shiba Inu (SHIB) leaves me cautiously optimistic. The altcoin has undeniably faced significant selling pressure and kept losing key support levels, but its resilience in the face of adversity is reminiscent of a certain breed of dog it’s named after – tenacious and stubbornly persistent.
Currently, Shiba Inu (SHIB) is experiencing heavy selling, causing it to continue a downward trend amidst the ongoing volatility in the wider cryptocurrency market.
Despite its current long-term unpredictability, the recent market behavior suggests a possible short-term uptick for SHIB. At this moment, SHIB is being traded at $0.0000133, experiencing a decline of approximately 2.8% over the past 24 hours.
SHIB bears continue to exert pressure
SHIB continued its downtrend and moved within a descending channel, at press time.
It’s important to mention that the price stayed under major Exponential Moving Averages (EMAs), with the 20-day EMA being at 0.0000144 USD, the 50-day EMA at 0.0000161 USD, and the 200-day EMA at 0.0000193 USD. All these EMAs indicated a downward direction, suggesting a bearish market movement.
The Moving Average Convergence Divergence (MACD) indicated a stagnant trend, as the MACD line and the Signal line were both just beneath the zero mark slightly. This implies that while bearish momentum has decelerated, it doesn’t yet show any definite signs of a bullish turnaround.
To trigger a bullish reversal, Shiba Inu (SHIB) should successfully hold and maintain its position above the 20-day Exponential Moving Average (EMA). If it manages to surpass this level, it could stimulate increased buying activity, possibly resulting in an attempt to challenge the 200-day EMA at approximately $0.0000193.
In simpler terms, it appears that this situation might be tough to overcome in the short run unless the market trend shows a clear change. The RSI, which measures strength, has dropped close to the oversold zone, suggesting a possible turnaround. However, any rally could be brief if it’s not backed by significant buying activity.
Key levels to watch!
It appears the critical resistance point is approximately $0.0000128. Dropping below this could trigger more losses, with the significant support potentially located around $0.0000089.
If SHIB is driven higher than its 20 Exponential Moving Average (EMA) at $0.0000144 by buyers, this action might trigger an immediate increase in price, possibly reaching the short-term resistance levels of $0.0000161 and $0.0000193.
Can SHIB buyers reverse the trend?
For the past 24 hours, the total number of long positions slightly exceeded short positions by approximately 4.65%, indicating a relatively even distribution but a slight leaning towards pessimism in the trading community.
Yet, the Shiba Inu (SHIB) to Tether (USDT) long/short position on Binance stood at 2.6364, signifying that a large number of traders anticipate a possible price reversal. It’s advisable for investors to monitor broader market movements and any breaking news pertinent to SHIB, as these factors could influence its price dynamics in the near future.
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2024-08-17 04:39