Shiba Inu price analysis: SHIB drops below $0.0000100 key support level

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis suggests a downward movement to $0.00000980
  • The closest support level lies at $0.00001004
  • SHIB faces resistance at the $0.00001048 mark

The Shiba Inu price analysis shows that SHIB has been unable to climb past the $0.0000011000 mark and the following rejection caused the price to crash below the $0.00001000 mark. 

The broader cryptocurrency market observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ETH and AVAX 10.58 and a 7.88 percent decline, respectively.

Shiba Inu price analysis: SHIB falls below $0.00001000

Shiba Inu price analysis: SHIB drops below $0.0000100 key support level 1
Technical indicators for SHIB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum as observed in the high depth of the histogram. Furthermore, the indicator’s dark color suggests an increasing bearish momentum as the price action falls below the $0.0000100 mark. 

The EMAs are currently trading close to the mean position as net price movement over the last five days remains low. However, as the SHIB market turns sharply bearish, the EMAs have started moving downwards, with the 12-EMA taking the lead. At press time, the 12-EMA is diverging sharply from the 26-EMA as selling activity increased in recent hours. 

The RSI was trading in the neutral zone since 30 May as the price volatility for Shiba Inu dwindled across the short-term charts. Currently, the indicator trades close to the oversold region at the 30.00 index unit level and hovers at 30.94. The indicator is currently moving downwards, showing pressure from the bearish side of the market. However, the indicator is still in the neutral, suggesting room for further downwards movement before a correction is needed. 

The Bollinger Bands are narrow at the moment but show sharp divergence in recent hours as the price action breaks below the $0.0000100 mark. Currently, the indicator’s bottom line provides support at the $0.00001004 mark, while the mean line presents resistance at the $0.00001048 mark. 

Technical analyses for SHIB/USDT 

Overall, the 4-hour Shiba Inu price analysis issues a strong sell signal with 16 of the 26 major technical indicators supporting the bears. On the other hand, none of the indicators support the bulls showing little to no bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Shiba Inu price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downwards movement against only two indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Shiba Inu price analysis?

Shiba Inu price analysis: SHIB drops below $0.0000100 key support level 2
4-hour price chart by Tradingview

The Shiba Inu price analysis shows that after being rejected at the $0.00001100 mark, SHIB crashed to the $0.00001000 mark, but the increasing selling pressure crushed the support level, and the price dropped to $0.00000995. Currently, the price has fallen below that mark as the selling pressure continued to rise.

Traders can expect SHIB  to observe further downward movement as the bearish pressure escalates. Furthermore, due to a lack of buying activity, strong downwards movement can be expected. This suggestion is reinforced by the mid-term technical analyses suggesting a drop to the $0.00000990 level with a possible drop to the $0.00000980 mark.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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