Shiba Inu Price Analysis
Shiba inu token upward momentum has finally been halted as the token price took a massive dip of over 50% in the past week to bring it to a consolidation zone of $0.00004657 and $0.0000557, with $0.00004657 serving as the bulls support and $0.000058 serving as the bears resistance zone.
In recent weeks SHIBA INU token has been on fire after experiencing a massive increase in its price making a lot of ground breaking impact in the cryptocurrency market.
After the massive bullish run, the crypto asset halted its upward momentum and started its consolidation period after a lot of the Token holders sold off their at the ATH’s of the token, thereby making the price value of the crypto asset to bearish with about 50% in the past 4 days, taking it to a support level of $0.00004657
and also creating which was the previous resistance level for the SHIB token.
From the chart we can see that the 0.0000467 is a major support level as the 200 EMA provides a strong support level at that point.
SHIBA INU is currently trading just above this support level and is facing a resistance at the $0.0000557 zone. A breakout from this level would see it resume a bullish movement to get to the $0.0000750 level, where the crypto asset is likely to face another resistance level.
After the euphoria last week, we have entered the denial stage on SHIBA INU TOKEN. This is because in the past seven days, Shiba crashed by 50.3%. However, if we measure the drop from the all-time high at $0.00008854, which was also reached within the same weekly candlestick, this drop was over 50%. This signals Shiba has reached a local top, and it will take some time before a recovery can be expected.
The reason Shiba crashed so much is that it failed to push higher and was rejected at several key levels, which gave bears a lot of confidence to push the price lower. The cryptocurrency also broke below the descending triangle in blue and made the previous support resistance. After that, there was no way to stop the bears.
Right now, Shiba is bouncing from the support at $0.000047, but if this ends up being a dead cat bounce then lower levels can be expected still. The most reliable support level on Shiba right now appears all the way down at $0.000030 because the other levels have almost no price history to rely on. The bearish cross on the daily MACD is also concerning in the near future.
Therefore if the crypto assets breaks below the $0.0000467 support level price is likely to tumble further below to as low as $0.000030.
Though fundamentally we all should be positive on SHIB as a listing on Robinhood and other big name exchanges and platform, would see the crypto asset skyrocket in price once again, probably making a new record All Time High (ATH).
You can also read
You can buy your SHIBA INU TOKEN from