By Shelly Melancon (Switzerland)
The bears are yet to relinquish their control on SHIB. Hence, it is no surprise that SHIB is gradually declining from $0.00002337 to $0.00002270. As of this writing, SHIB has been trading at a narrow range around the $0.00002220 level. Thus, SHIB has slightly recovered from its previous losses to trade at the $0.0000205 level. SHIB has dropped nearly 3.3% of its value over the past 24 hours.
SHIB Price Action On The 4-Hour Timeframe
The decreasing volatility on the SHIB has made it less susceptible to substantial price fluctuations. The upper and lower limits of the Bollinger band acts as resistance and support at $0.00002663 and $0.00001779, respectively. The SHIB market remains bearish as the SHIB price cuts below the SMA curve.
SHIB’s 4-hour chart. Source: TradingView
SHIB’s RSI of 38 indicates that it is slightly bearish. The confirmation of this bearishness is the downtrend of the SHIB price amidst more intense selling pressure. While there might be possible signs of bullishness, SHIB price remains in the bearish region as selling pressure intensifies over the past few hours.
SHIB Price Action On The 24-Hour Timeframe
While SHIB’s 4-hour chart indicates that it can’t be susceptible to huge price fluctuations, the 24-hour chart suggests otherwise. On this chart, the most crucial resistance for the SHIB would be $0.00003415, which corresponds with Bollinger’s upper limit.
Also, the most crucial support for SHIB on this chart would be the Bollinger band’s lower limit at $0.00002096. However, this chart and the 4-hour chart agree that SHIB is bearish. The SHIB price line has also crossed below the SMA curve, as it is displayed on the 4-hour timeframe.
SHIB’s 24-hour chart. Source: TradingView
In addition, the SHIB price continues its downtrend gradually. Even though the rsi is 31, it shows more bearishness than bullishness as the selling pressure intensifies. While SHIB remains bearish, rising market volatility would cause SHIB to become bullish again. Analysts agree and predict that SHIB will turn bullish before the week is over.
ETH Whale Buys $13m Worth Of SHIB
A WhaleStats data revealed that an ETH whale had hugely impacted the SHIB price after purchasing $13m worth of SHIB tokens today. The purchase is a significant relief for the SHIB community since there has been intense selling pressure in the entire crypto market, with the top 20 altcoins being the hardest hit.
After trading around the $0.000020 range over the past few days, the SHIB price has remained relatively weak. The bulls have come to the rescue after the SHIB price broke the $0.000018 level, proving that the bear remains in control.
If the bulls can regain control, SHIB’s next crucial resistance would be the $0.000024 and the $0.000026 price level afterward, a price corresponding to the 200-day SMA. Traders on short-positions might look to take profits around the $0.000014 and $0.000016 levels. The recent spike in activities surrounding the meme token might see it turn bullish soon.
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