- Shiba Inu price analysis shows SHIB is hovering above 2 crucial support levels, ranging between $0.00000654 and $0.00000625.
- If Shiba Inu manages to register a decisive close above the immediate resistance line at $0.00000811, it will cancel all recent bearish narratives.
- A price decline past the 2 critical support levels will force Shiba Inu to retest the $0.00000518 range low.
Since early this month, Shiba Inu’s price action has been steadily declining, especially after failing to break above the high probability reversal region. At present, Shiba Inu is now exchanging hands above 2 pivotal support levels at around $0.00000635. A price breakdown past this region could lead to a steep price correction.
Shiba Inu Price Analysis: General price overview
SHIB has been trying hard to maintain a positive price action since the market had a brief pullback last week. At the time, the number one crypto asset, Bitcoin, fell below the $32,000 mark, and Ethereum, the second strongest crypto, fell below $1,900. Shiba Inu has wrestled to settle above a critical support level despite the market slump, cushioning holders from suffering massive losses. At the time of writing, Shiba Inu is exchanging hands at around $0.00000635 after a 9.1 percent price decline.
Since July 6, Shiba Inu has depreciated by more than 30 percent after failing to settle above the reversal region that ranges from $0.00000954 to $0.0000107. If Shiba Inu closes the day above this range, it will increase its chances of registering a price upsurge.
However, Shiba Inu will likely retest the $0.00000625 and $0.00000654 demand regions due to the lack of buying pressure. And if the bearish price trend continues, the above demand levels are likely to be breached, opening the door for further downward price actions. In a bearish scenario, the $0.00000516 support line, which coincides with the range low, will be the first line the bulls want to target.
Shiba Inu price movement in the past 24 hours: SHIB still in bear territory
From a technical analysis point of view, the 24-hour price chart shows Shiba Inu is still in the bear region as it continues exchanging hands below the 50, 100, and 200 Moving Averages. For the crypto asset to improve, it needs market support to achieve higher levels. Shiba Inu could tag the $0.000007 mark in the event of a price surge and could move past this resistance level. Despite this optimistic projection, for SHIB bulls to come out, the crypto asset has to hit $0.000008 and above.
On the other hand, if Shiba Inu continues with the current downtrend, the crypto asset will likely retest the lower vital support line at $0.000006. Although this could spell doom for new participants, adverse price action could open the door towards a bullish narrative. In case of such a scenario, investors buying the crypto coin during the slump could jump in and save SHIB from further plunging.
Shiba Inu 4-hour chart: SHIB turning completely bearish
According to the 4-hour price chart, Shiba Inu needs to register a 25 percent price surge to invalidate the current bearish scenario. Such a move is likely to flip SHIB’s $0.00000811 swing high into a support line. If this happens, sidelined investors will likely rush into buying the crypto coin, pushing it to retest the range’s $0.00000870 midpoint.
Shiba Inu Price Analysis: Conclusion
According to this Shiba Inu price analysis, it is clear this dog-themed crypto-asset is struggling in the market. However, market participants should be on the lookout for the Shiba Inu virtual party launch scheduled for July 20. The event is expected to bring together Shiba Inu influencers and investors, a move poised to push its price to newer heights.
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