The cryptocurrency market is staging a recovery today after yesterday’s declines. Shiba Inu (SHIB) is trading generally higher on July 6. At the time of writing, SHIB was exchanging hands at $0.00000864, up 7.27% in the last 24 hours. Ranking 29th largest, SHIB has a present market valuation of $3.53 billion with $655 million in traded volume over the last 24 hours. SHIB price bounced to intraday highs of $0.00000932 amid news that SHIB holders will now be able to spend their tokens on the shopping.io platform and purchase on Amazon, eBay, and Walmart. Another positive development remains the launch of the ShibaSwap on the date tagged ”the Shibapendence Day”. Shib token had announced the ShibaSwap which will give users the ability to provide liquidity, stake, and swap tokens to gain WOOF Returns goes live on July 6th.
Key Levels
Resistance Levels: $0.00002000, $0.00001500, $0.00001000
Support Levels: $0.00000800, $0.00000700, $0.00000550
SHIB/USD Daily ChartSHIB is pushing higher within a ranging market. The SHIB/USD reached highs of $0.00000932 on July 6th. The short-term oscillators are promoting slight improvements in the price with the RSI tilting upwards slightly towards the 50 neutral marks. The MA 50 at $0.00000826 has guided the pair since the last few trading sessions; If buyers prod SHIB price higher beyond the MA 50, initial resistance could arise from the $0.000001204 barrier.
However, even if buyers successfully overcome this, they will need to defeat the roof of $0.00001951-$0.00002359 of the sideways pattern, to reinforce belief in the upside. Surpassing the upper frontier of the range could propel the price towards another all-time high of $0.00003999. Alternatively, if sellers resurface, they may encounter a congested cluster of support from the MA 50 at $0.00000826 until the $0.00000560 level.
SHIB/USD 4-Hour ChartSHIB price jumped above the positive crossover within the MA 50 and MA 200 on the 4-hour chart, reaching up to $0.00000962. The RSI indicator is hovering above the 50 levels as the SHIB/USD pair continues to move within a range. On the upside, immediate resistance could come around the $0.00000932 level – notice that this level was briefly violated today with the price subsequently falling below it.
Further up, additional barriers to the upside might be formed by the $0.00001113 and $0.00001951 handles. Extra gains from here could then extend to challenge the $0.00003999 high. In the negative scenario, sellers could face immediate friction from the $0.00000773-$0.00000856 section, which also encapsulates both the MA 50 and 200. A deeper price pullback could encounter support at $0.00000672 and the $0.00000560 low. Overall, the SHIB/USD Pair remains in consolidation.
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