- Shiba Inu (SHIB) price rises by 4%, maintaining support above $0.000018.
- SHIB’s 24-hour trading volume drops by 25.61%, signaling reduced investor interest.
- SHIB aims for $0.000021 resistance, with critical support at $0.000017.
The meme cryptocurrency Shiba Inu
Although its price has recently risen slightly, the 24-hour trading volume for Shiba Inu has decreased by 25.61% to $449,091,898. This reduction in trading volume suggests a possible waning of investor interest.
SHIB Price Movement
Navigating a market with high volatility and rapid price fluctuations, Shiba Inu has seen its share of ups and downs. Data from TradingView shows that Shiba Inu had a brief rally to approximately $0.00003 at the end of the previous month. Nonetheless, it encountered significant resistance, which led to a continuation of the bearish trend that began from the high of $0.000045 in the latter part of the second quarter.
During the recent market rebound, the price of Shiba Inu recovered from a low point of $0.000017, following three months of downward trends. This resurgence is significant as it helps to maintain the cryptocurrency’s value above the $0.000018 support line, which had previously enabled a temporary rally in April.
Looking Ahead for Shiba Inu
Currently, Shiba Inu is aiming for the resistance price of $0.000021. If it breaks through this barrier, it could lead to further price increases, potentially reaching $0.000022, which matches the price at the start of the week. Such an upward movement might indicate a resurgence of purchasing within shorter time frames, potentially restoring a bullish outlook among traders.
Nonetheless, the broader market outlook is still fraught with uncertainty. Shiba Inu’s price action is characterized by a series of decreasing peaks and troughs on the hourly charts, indicating that the downward trend may not be over. If this downward pattern holds, the cryptocurrency could fall back to its February high of $0.000011 before it can achieve a stable rally.
Critical Support and Resistance Levels to Watch
Amidst the current market fluctuations, Shiba Inu has identified several key pivotal price points for its immediate price direction. Following its latest uptick, the nearest support level is at $0.000017. If the price were to decline, further support might be found at $0.000011 and $0.00000769, which are crucial for mitigating additional losses and enabling potential rebounds.
Conversely, if Shiba Inu’s price can ascend beyond $0.000021, it may then target the $0.000026 and $0.00003 resistance levels. Overcoming these thresholds could propel the cryptocurrency towards even higher resistance levels at $0.000033 and $0.000039, establishing new objectives for optimistic traders.
Shiba Inu’s Technical Indicators
From a technical standpoint, the Relative Strength Index (RSI) indicates an oversold condition at 29.44. This could hint at an impending market turnaround or a price correction, as the downward pressure might begin to diminish. A sustained price above the $0.000018 support could lead the RSI to suggest a potential shift to a bullish trend.
On the other hand, the MACD indicator is situated beneath the zero line at a value of 0.0000015, indicating that SHIB could soon maintain a downward trajectory. The expanding sequence of red bars on the histogram reinforces the likelihood of a continuing downtrend.
Nonetheless, traders should monitor these indicators closely to pinpoint the most favorable moments for purchasing or selling.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
