Briefly –
- SHIB trades 25% lower since the early sessions of July.
- Shiba Inu Price respects the crucial support at $0.00000741.
- The meme coin has to break the 20-MA for an upward trend.
Price Overview
Over the past few weeks, SHIB had two bullish news concerning its DEX platform. However, the canine-themed currency failed to conquer vital areas for a massive uptrend. Keep in mind that SHIB and DOGE have traded beneath crucial resistances since June started. The meme coins have had calm sentiments over the past months. It seems like a BTC breakout will influence their price movements.
Meanwhile, SHIB saw price rejections at the vital resistance level ranging from $0.000000959 to $0.000000987 zone at the start of the month. As a result, bears controlled the market, inhibiting an uptrend with pullbacks. Candlesticks closed beneath the long-term trend-line that has been in place for almost two months. Also, SHIB retreated to the crucial support zone at $0.00000819.
For now, SHIB has to break its current resistance at $0.00000785 and $0.00000819 to confirm an upward move. Also, it has to test the long-term trend-line that holds SHIB value from massive uptrends.
4-Hour Chart – Price Analysis
While publishing this, SHIB had its price bouncing off the mid-term trend-line that meets with its vital support area of $0.00000710 to $0.00000741. If bulls manage to keep the crucial support level, SHIB will have chances to rally to its top trend-line. For such a move, SHIB needs to break the 20-d MA. This zone has held it lower for about two weeks. However, if bears extend their market control and break the coin’s mid-term trend, SHIB’s price might see drastic falls.
The Stochastic Relative Strength Index tries to decide its next move after falling beneath the 50 value recently, representing a bearish attitude.
Without the correct price catalysts, Shiba Inu might have recovery challenges. However, the RSI show some hope, indicating a possible bottom development as it declines to break beneath the oversold zone at 30.
SHIB Intraday Levels
- Spot rate – $0.00000751
- Trend – bearish
- Volatility – medium
- Support – $0.00000741
- Resistance – $0.00000785
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