Shiba Inu Struggles As The Bears Assemble; Can Bulls Push One Last Time?

  • SHIB’s price struggles to hold above key support as the price tends to get a knockout into a range channel. 
  • SHIB is still struggling in range bound movements as the price tries to break out of its range price. 
  • SHIB prices continue to fluctuate in a range channel. The daily price range is between 50 and 200 Exponential moving average (EMA). 

For several weeks, Shiba Inu’s (SHIB), performance has been poor against USDT (USDT). The price trades mainly in a rangebound movement and little volume. While uncertainty in the crypto market can be a major factor, Bitcoin (BTC), as well as other crypto assets, such as Ethereum, have suffered a minor setback. SHIB needs to gain more momentum in order to surpass its range channel. (Data from Binance).

Shiba Inu Price Analysis on The Weekly Chart

The bear market has been a tough time for most projects, with many seeing price falls of greater than 50%. These have discouraged investors and traders alike from building up their portfolios.

SHIB prices have struggled to stabilize despite huge support from partners and large communities that have continued to grow and build.

The last rally for SHIB was a spectacle for many, as most investors and traders made a fortune from it, as the thoughts and vivid picture still linger in many people’s minds.

SHIB had a rally to $0.00004, but the price has failed to reproduce that feat. It was subject to price rejection and dropped from the peak to $0.000021 each week.

SHIB’s price bounced from $0.000021 up to $0.00003 to break out of this downtrend. However, the price has been in a downward trend for some time.

Weekly resistance to the SHIB Price – $0.000021

Weekly support for the price of SHIB – $0.00000850.

Pricing Analysis of SHIB on the Daily (1D), Chart

Source: SHIBUSDT At| Source: SHIBUSDT On

SHIB’s daily price continued to fall as SHIB prices remained in an upward trending channel. 

Although SHIB’s price is trending higher, it has held up well over its $0.00000850 support area. SHIB’s price must rise above $0.0000120. This is the upper limit of the range channel.  

We could witness more price movement from SHIB if the SHIB price rises above $0.00001200.

Daily resistance for the SHIB price – $0.00001200.

Daily support for the SHIB price – $0.00000850.

Featured Image from Binance Charts From Tradingview 

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