While some altcoins have posted notable gains since the broader cryptocurrency market recovery, Shiba Inu remained in a downward range as it is yet to find a solid ground level for increase.
Shiba started the fourth quarter bearish, with a loss of 7% so far. As most altcoins entered a recovery mode last month, the meme coin maintains bearish and dipped to the low of $0.0000065 last week.
It bounced off the low and tested the $0.0000072 level yesterday. Due to a sudden rejection there, the price dropped slightly and looks poised for a bearish continuation. The volatility is currently low but we can expect an expansion as soon as the supply level starts to increase.
Due to this, the lower low and lower high formation appeared paused for a while now. A dip below June’s support (serving as the current yearly low) would validate a continuation of the existing bearish trajectory.
Failure to break down this low may suspend the trend to a sideway movement. This could provide a short-term opportunity for buying on the other hand. If the buyers take advantage of it, the price could see a small recovery before resuming drop.
However, if Shib witnesses a strong recovery, the price must increase well above the descending trendline, drawn from the August 2022 high. Before we can confirm a short-term bullish trend. Currently, the trend remains bearish across major timeframes.
Shiba’s Key Levels To Watch
Following yesterday’s price rejection at $0.0000072, the next target supports for selling would be $0.0000064 and $0.00000545 – the June low. A crack from here could see the price dip to $0.0000045.
Considering an increase above the immediate $0.00000758 resistance, the potential level to watch next for gains lies at $0.00000878 and $0.00001. The main resistance area for breakout is $0.0000115 and $0.0000125.
Key Resistance Levels: $0.00000758, $0.00000878, $0.00001
Key Support Levels: $0.0000064, $0.00000545, $0.0000045
- Spot Price: $0.000007
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.