Short sellers are enjoying the tailwind as the market takes another dip. Shiba Inu’s (SHIB) price is holding in range amid the widespread declines. At the time of writing, SHIB was consolidating at $0.00000688, down 6% in the last 24 hours. SHIB has a present market valuation of $2.75 billion with $327 million in traded volume over the last 24 hours. SHIB users prep for fun at the upcoming ”Virtual Shiba Inu Party” scheduled for 20th/21st July. According to Shiba Inu influencer, Shytoshi Kusama, the Virtual Shiba Inu Party will feature an amazing DJ set by Gareth Emery which comes with an NFT AND physical sculpture ”that will be stored in a location TBA so ShibaArmy can see it”. ShibaSwap decentralized exchange (DEX) was recently launched on July 6th and has undergone a full audit by Certik to its credits.
Key Levels
Resistance Levels: $0.00001500, $0.00001000, $0.00000800
Support Levels: $0.00000600, $0.00000550, $0.00000400
SHIB was pressured lower by the MA 50 barrier at $0.00000787 on July 12. Given that the MA 50 is above the price level, bearish traders may attempt to drive SHIB prices lower during the next trading sessions. However, the RSI has yet to reach its 30 oversold levels despite the drop below its 50 neutral marks. If the MA 50 at $0.00000787 continues to keep buyers at bay, early downside deterrence could occur from the $0.00000672 level.
If sellers start to dictate the price, next in line is the $0.00000607 and the $0.00000560 low marked on June 22. If together the MA 50 and the $0.00000932 barrier fail to silence additional gains, buyers could quickly encounter another hurdle at $0.00001204 ahead of the $0.00001951-$0.00002359 obstacles. Should upside momentum accelerate, the all-time highs near $0.00004 might be attained.
SHIB/USD 4-Hour ChartSHIB is moving lower after the buying interest in the previous week pared some of the steep losses from June. The price is developing below the bearish crossover of the MA 50 and MA 200, suggesting downward pressure. The RSI is mirroring the price action, turning lower towards the 30 oversold levels. That said, should the declines extend, the immediate support level could come from the $0.00000677 before testing the $0.00000669 lows.
Alternatively, a successful climb above the $0.00000756 level and the moving averages 50 and 200 could open the door for the $0.00000932 and hence bring new buyers into the market. Rising above the $0.00001048-$0.00003155 restrictive range, all-time highs near $0.00004 could attract attention. All in all, SHIB/USD remains in a horizontal mode, but a jump above the MAs could endorse the broader upside tendency.
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