- SHIB moved higher yesterday.
- Market consolidated overnight.
- Closest support at $0.0000075
SHIBA INU price analysis is bearish for today as bulls could not push the market price higher overnight. Therefore, we expect SHIB/USD to retrace some of the gain over the last 24 hours and retest the $0.0000075 mark over the next few days.
The overall market trades in the red over the last 24 hours as retracements continue across the board. The market leader, Bitcoin has lost 4 percent, while Ethereum 6.3 percent. Counter to the overall trend, Unus Sed Leo(LEO) is the best performer with a gain of 6.5 percent.
SHIBA INU price movement in the last 24 hours
SHIB/USD traded in a range of $$0.00000836 – $0.00000928, indicating a substantial volatility. The trading volume over the last 24 hours has spiked by 168 percent and totals $1.7 billion, meaning that SHIB is among the most traded cryptocurrencies right now. The total market cap stands at $3.5 billion, ranking the cryptocurrency in 30th place overall.
SHIB/USD 4-hour chart – SHIB ready to retrace?
On the 4-hour chart, we can see the SHIBU INU price action failing to move higher, with rejections indicating a reversal later today.
SHIB/USD 15-minute chart
On the 15 minute chart, SHIB/USD has established a consolidation range over the past 24 hours after spiking to $0.0000099 yesterday. This means that once either the 0.00000840 support or the $0.0000092 resistance gets broken, the next moves direction will be signalled. Until then, SHIB will continue moving sideways.
The overall market still trades with a bearish sentiment over the last weeks. Since the last major swing high at $0.00005 on 10th of May, SHIB/USD has retraced more than 80 percent to the $0.0000055 low.
Several lower highs were set along the way as the market slowed down its retracement over the past weeks. After establishing support around $0.000007 first, SHIB/USD moved sideways for more than a week in a increasingly tighter range.
However, in the beginning of June, the SHIBA INU price broke lower to the $0.0000055 mark. This sent a strong signal across the market that bears are still in control. Over the past days, most of the loss was regained as the market slowly rallied and made a strong spike to the $0.00001 mark yesterday.
From the $0.00001 mark, SHIBA/USD retraced slightly and started to consolidate around $0.000009 price level. For now, further upside is rejected, meaning that we expect SHIB/USD to retrace again to the next support at $0.0000075 mark later this week.
After the $0.0000075 mark is tested, we could see a higher low set and the market move higher from there. However, if the $0.0000075 mark gets broken, SHIBA INU price should see further push lower, likely resulting in a break below the $0.0000055 mark.
Break below the $0.0000055 mark would further mean that bears are still in control and we should see the market decline over the following weeks. Therefore, unless the current high at $0.00001 gets broken in a clear way, we are bearish for the overall SHIBA INU price action development.
SHIBA INU Price Analysis: Conclusion
SHIBA INU price analysis is bearish as further upside could not be reached overnight and earlier today. The market continues to trade in a consolidation, with break to either side indicating where the market is headed next. Most likely option is a break lower, with the closest next support at $0.0000075.
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