Weekly Round-Up On Shiba Inu, Where Will Price Be Headed?

  • SHIB prices struggle on long timeframes, even though bullish sentiment is trending higher. 
  • SHIB trades below resistance as the current market condition is bearish. The price has closed below its weekly candle. 
  • SHIB prices are looking for support as they trade below the 8 and 20 day EMAs. 

Price of Shiba Inu Shiba (SHIB), showed some bullish formation, breaking out of a declining triangle. However, it has been struggling to trend higher against USDT (USDT). This week, crypto market cap was looking positive as Bitcoin (BTC), Shiba Inu and other crypto assets showed some signs of a rally. But this hope was cut short as the weekly candle didn’t look promising as the previous. Data from Binance

Crypto Market Update

Source : Coin360.com| Source: On Coin360.com

As many altcoins as major crypto assets continue to bounce off of support, the crypto market looks less promising than it did last week. As traders fantasized for even more altcoin gains, some continued to make double-digit profits. As most cryptocurrency assets showed retracement in the first few days, it is now reversed.

Shiba Inu, (SHIB), Price Analysis in The Weekly Chart.

Although there was some price movement, SHIB’s weekly chart price failed to surpass $0.0000117. The price was rejected by the market and continues to fall. 

SHIB’s price retraced back to $0.0000107, suggesting that the price may be heading to its next support. The price of SHIB needed to hold above the support at $0.00001-$0.00000800. With the current bearish structure maintained by the current price, we could see the price retesting the support at $0.00001-$0.00000800.

Weekly resistance for the price of SHIB – $0.0000110.

Weekly support for the price of SHIB – $0.00001-$0.00000850.

Comparison of SHIB Prices on a Daily (1D), Chart

Chart of Daily SHIB Prices | Source: SHIBUSDT On Tradingview.com

The daily price of SHIB trades below the key resistance. This price attempt to hold prices down to $0.00001.  

SHIB’s price showed strength. It rallied from a low $0.00000750 and attempted to break through a descending triangle, but was rejected as it fell below the Exponential Moving Average (EMA) of 8 and 20 days. SHIB prices on the daily basis correspond to $0.00001113 and $20 EMA.

SHIB could fall below $0.00001 if the price is not supported. This would create a demand area for the prices.

Daily resistance for the SHIB price – $0.000012.

Daily support for the SHIB price – $0.00000750.

Featured Image from Outlook Charts From Tradingview 

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