- SHIB price struggles on high timeframes despite showing bullish sentiment to trend higher.
- SHIB trades below support as the price looks bearish with the current market state as the price closed the weekly candle below the previous.
- The price of SHIB eyes key support as price trades below 8 and 20-day EMA.
The price of Shiba Inu (SHIB) saw some bullish formation as the price broke out of a descending triangle, but the price has struggled to trend higher against tether (USDT). The previous week saw the crypto market cap looking good as prices of Bitcoin (BTC) and other crypto assets, including Shiba Inu, showed a glimpse of a rally. But this hope was cut short as the weekly candle didn’t look promising as the previous. (Data from Binance)
Crypto Market Update
The crypto market is not looking good like the previous week, as many altcoins and major crypto assets made good strides bouncing off from support. Some altcoins continued with their double-digit gains as many traders glamoured for more of such a week. The new week is reversed, as most crypto assets have shown retracement within the first few days.
Shiba Inu (SHIB) Price Analysis On The Weekly Chart.
Despite showing some great price movement recently, the price of SHIB on the weekly chart failed to break above the key resistance of $0.0000117 as the price was rejected and continued to fall as the current price of BTC influences SHIB prices.
The price of SHIB retraced to a region of $0.0000107 as the price could be headed to the next support for SHIB. The price of SHIB needed to hold above the support at $0.00001-$0.00000800. With the current bearish structure maintained by the current price, we could see the price retesting the support at $0.00001-$0.00000800.
Weekly resistance for the price of SHIB – $0.0000110.
Weekly support for the price of SHIB – $0.00001-$0.00000850.
Price Analysis Of SHIB On The Daily (1D) Chart
In the daily timeframe, the price of SHIB continues to trade below key resistance as the price attempts hold the sell-off of prices to a region of $0.00001.
The price of SHIB showed strength, rallying from a low of $0.00000750, attempting to break above a descending triangle but facing rejection as the price was pushed below the 8 and 20-day Exponential Moving Average (EMA). The price of $0.00001113 corresponds to the prices at 8 and 20 EMA for SHIB on the daily timeframe.
If the price of SHIB breaks below $0.00001, we could see the price retesting $0.00000750 as the next support acting as a key demand zone for prices.
Daily resistance for the SHIB price – $0.000012.
Daily support for the SHIB price – $0.00000750.
Featured Image From Outlook, Charts From Tradingview