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 continues to struggle in a range-bound movement as the price attempts to breakout from its range price.
- The price of SHIB continues its range movement in a range channel as the price trades below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
Shiba Inu (SHIB) has been underperforming against tether (USDT) for several weeks now, with the price trading primarily in a range-bound movement with little or no volume to rally. Although the uncertainty that surrounds the crypto market may be a significant factor, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of SHIB will need to gather more momentum to break through its range channel. (Data from Binance)
Shiba Inu (SHIB) Price Analysis On The Weekly Chart.
Most projects have not fared well in the bear market, as most have seen price declines of more than 50%, discouraging most traders and investors from stockpiling these assets.
Despite massive support from great partnerships and a massive community that has continued to build and grow, the price of SHIB has struggled to stay stable.
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.
After rallying to a high of $0.00004 by SHIB, the price of SHIB has struggled to replicate that fit as the price faced price rejection from that height to a weekly low of $0.000021.
The price of SHIB bounced off this region of $0.000021 to a high of $0.00003 in a bid to breakout from this downtrend, but the price failed and has maintained a downtrend for some time.
Weekly resistance for the price of SHIB- $0.000021.
Weekly support for the price of SHIB – $0.00000850.
Price Analysis Of SHIB On The Daily (1D) Chart
Daily SHIB Price Chart | Source: SHIBUSDT On Tradingview.com
In the daily timeframe, the price of SHIB continued to struggle as the price trends in a range-bound channel.
Although the price of SHIB has lost much strength to trend higher recently, it is holding up pretty well above its key support zone of $0.00000850. The price of SHIB needs to break and close above $0.0000120, which is the upper band of the range channel.
If the price of SHIB trends above $0.00001200, we could see more price action from the SHIB movement.
Daily resistance for the SHIB price – $0.00001200.
Daily support for the SHIB price – $0.00000850.
Featured Image From Binance, Charts From Tradingview