Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold?

TL;DR Breakdown

Shiba Inu price analysis is bullish today.
SHIB/USD continued to retrace from $0.000077 overnight.
Closest support at $0.00006.

Shiba Inu price analysis is bullish today as the $0.00006 mark should prevent further downside after a steady retracement from the $0.000077 mark. Therefore, we will likely see bullish momentum take over SHIB/USD as a new higher low gets established.

Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold? 1 — Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin lost 1.72 percent, while Ethereum was down by 2.65 percent. Meanwhile, Shiba Inu (SHIB) was among the worst performers, with a loss of 13.5 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu slowly retraces as resistance was found at $0.000077

SHIB/USD traded in a range of $0.00006218 – $0.00007338, indicating substantial volatility over the last 24 hours. Trading volume has declined by 25.27 percent and totals $7.78 billion, while the total market cap trades around $35.1 billion, ranking the coin in 9th place overall.

SHIB/USD 4-hour chart: SHIB looks to retest $0.00006 as support today?

On the 4-hour chart, we can see the Shiba Inu price action approaching $0.00006 previous support after a slow retracement over the last 24 hours, likely resulting in a reversal.

Shiba Inu Price Analysis: SHIB retraces to $0.00006 again, will the support hold? — SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has seen strong performance in October. After a series of higher highs and lows over the past weeks, a new all-time high was set at $0.0000885 on the 27th of October and retested a day later.

What followed was a strong retracement, with support found at $0.00006. After strong volatility, both ways during the following 24 hours, the support was retested, while a new lower high was set at $0.000077.

Since then, the Shiba Inu price action has steadily declined again. Likely we will see the $0.00006 mark tested again later today. If the support holds, SHIB/USD is set for another push higher next week.

Shiba Inu Price Analysis: Conclusion

Shiba Inu price analysis is bullish today as we will likely see the $0.00006 mark prevent more downside. Therefore, once the support gets retested, we expect SHIB/USD to start heading higher again.

While waiting for Shiba Inu to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”