- Shiba Inu price analysis is bearish today.
- SHIB/USD continues to retrace.
- Support at $0.00006 is likely the next target.
Today’s Shiba Inu price forecast is bearish, as a new downside was established overnight, and there are no indications of slowing down today. As a result, we anticipate SHIB/USD to next test support at the $0.00006 level to determine if it can withstand the third time. Every time SHIB/USD tests this price, it bounces off of it.
This level at which SHIB/USD failed to break is essential because it has acted as support two times before. Each time it has hit this price level, we can see that SHIB/USD bounced off of it.
Today’s downward movement also coincides with the new downside that was established yesterday. In other words, each time a new daily low is set, there is a consequent drop in prices for Shiba Inu.
The way things are currently looking, it is likely that a drop to the next support level at $0.00006 will occur today. The current action in SHIB/USD is not risk-seeking, so the $0.00006 level will act as support. If it does fall, we anticipate that this will be the point investors look to accumulate Shiba Inu coin.
Based on our forecasts, the closest targets are at the $0.00007 and then $0.00008 levels. However, $0.00007 is likely to act as resistance, so it could influence the drop in prices for Shiba Inu.
SHIB/USD 4-hour chart: SHIB targets $0.00006 previous support next?
On the 4-hour chart, we can see bearish momentum still strong for the Shiba Inu price action, likely leading to the $0.00006 previous support later today.
Shiba Inu’s price action has been in a slightly bearish price movement structure for weeks. After surging throughout most of October, a new all-time high was established on the 27th of October at $0.0000885.
Since then, SHIB/USD has retraced over 90% of its prior rise to $0.00007. A lower high was twice formed after that, implying the formation of an increasingly smaller consolidation range.
Currently, the Shiba Inu price action is in the midst of the third support test at $0.00006. This time, the retreat was slower, suggesting that support for $0.00006 would be restored.
Shiba Inu Price Analysis: Conclusion
The Shiba Inu price is bearish today, as no indications of a reversal have been observed over the last 24 hours. As a result, we anticipate SHIB/USD to fall further today, with the $0.00006 mark as the nearest goal.
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