Sustained Selling may Lead $SHIB to $0.0000074?

Sustained Selling may Lead $SHIB to $0.0000074?

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Published 4 mins ago

This week the crypto market witnessed another wave of selling pressure, undermining the recovery rally it experienced last week. As a result, the Shiba Inu (SHIB) price turned down from the $0.000012 resistance on June 26th. The reversal has plunged the altcoin below significant support of $0.00001, threatening a downfall to June’s low support of $0.00000741.

 Key points: 

  • The SHIB market value has depreciated 18.6% in the last four days
  • The SHIB holders lost 20 day EMA support
  • The intraday trading volume in Shiba Inu coin is $530 Million, indicating a 25% gain.

SHIB/USDT ChartSource- Tradingview

Responding to the widespread recovery last week, the SHIB/USDT pair rebounded from the $0.00000741 support on June 19th. The resulting U-shaped recovery propelled altcoin 63.5% higher as it reached the $0.000012 resistance.

However, the SHIB buyers couldn’t surpass the 50-day EMA aligned with mentioned resistance and reverted immediately.  Thus, A V-Top reversal indicated aggressive selling, which plunged the altcoin below the shared support of $0.00001 and 20-day EMA. 

If today’s retest candle sustains below the breached support, the extended correction would slump the SHIB price 8.85% down to $0.00009, followed by the current low of $0.00000741.

However, a retest to this bottom support could replenish the bullish momentum for another recovery rally.

Technical indicator

DMI indicator: The increased selling pressure influences the DI lines in the DMI resulting in a drop in bullish spread and teasing a bearish crossover. Moreover, the fall ADX line showcases a loss in trend momentum, lowering the chances of a reversal. 

MACD indicator: After a remarkable rise to the zero line, the MACD and signal lines display a lateral shift in a bullish trend. Hence, the possibility of the MACD and signal lines regaining the bearish alignment increases drastically.

  • Resistance levels- $0.00001, and $0.000012
  • Support levels are $0.000009 and $0.00000741

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at)

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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