Despite the market dip, Shiba Inu (SHIB) continues to hold onto the $0.000010 support it indicated since the start of July. According to CoinMarketCap, Shiba Inu was trading at $0.00001080 at the time of publication, still down 1.89% in the last 24 hours and 12.08% in the past week. According to WhaleStats, ETH whale “Gimli” has just bought 199,999,999,999 SHIB valued at $2,075,999. SHIB also faces buying pressure from whales as it ranks among the top 10 most purchased tokens among the 100 biggest ETH whales in the last 24 hours. Bitcoin and the majority of altcoins faced selling pressure, swayed by investor apprehension in the lead-up to an impending Federal Reserve interest-rate hike and increasing regulatory scrutiny of the cryptocurrency industry.
Key Levels
Resistance Levels: $0.00002100, $0.00001800, $0.00001300
Support Levels: $0.00001000, $0.00000855, $0.00000500
SHIB/USD Daily ChartThe SHIB/USD fell sharply, approaching the daily moving average (MA 50) at the $0.00001030 support level. When there is a breakdown, it is time to buy at the low price with a target price of $0.00001209 and perhaps as far as strong resistance at $0.00001300 for quick profit-taking. The likelihood is that the SHIB/USD exchange rate might rebound over the upcoming trading session.
On the flip side, the bears might have the $0.00001000 level as a goal. Although the retracement from the $0.00001029 level is still in progress, there is not yet enough data to demonstrate a change in trend in favor of any trend at the moment. That is, it might simply signify a reversal of the tendency toward long-term consolidation.
SHIB/USD 4-Hour ChartOn the other hand, the 4-hour time frame momentum indicators are currently indicating a sustained rebound in the short term. The 4-hour moving averages 5, and 13 remain above price while remaining in positive territory, and the RSI is reverting to its mid-50s where it might attain neutrality.
The market can spark further buying activity and confirm further gains toward the $0.00001300 obstacle, which is still around July highs if it closes above the minor resistance at $0.00001209 in the upcoming sessions. The $0.00001300 barriers, which were noted as resistance early in June, could be the next objective if there is a robust rebound.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
