Shiba Inu's price is currently hovering at $0.00001701, a level it has hit multiple times over recent weeks. This critical support has shown resilience
Shiba Inu's (CRYPTO: SHIB) price has encountered a crucial support level at $0.00001701, which has been tested multiple times over the last few weeks. This support has held strong so far, with SHIB bouncing back each time it reaches this price point. However, given the sustained bearishness in the broader crypto market, investors are keeping a close eye on this support to see if it can withstand the pressure much longer.
Shiba Inu's price is currently hovering at $0.00001701, having faced resistance at this level several times before. This support has been crucial in preventing steeper declines in SHIB's price over the last few weeks. However, with the broader crypto market remaining bearish, investors are closely watching this support to see if it can continue to hold up.
Taking a broader view of SHIB's 1-day chart, we can see that the token has been in a downtrend since early May. This downtrend is now encountering a confluence of support and resistance levels at around $0.000017. Despite the bounces from this level, recent technical indicators are suggesting that bearish momentum is forming, putting downward pressure on SHIB's price. If this trend solidifies, we may see a break below current support, sending the token lower in the coming days.
A glance at the top 5 cryptocurrencies by market capitalization on CoinMarketCap reveals that Bitcoin (CRYPTO: BTC) has also experienced a substantial drop, adding to the challenges faced by Shiba Inu. Bitcoin, which recently fell to the $60,000 mark, is currently trading around $60.8K, still down from its all-time high of $69,000. Bitcoin's influence over the broader crypto market is significant, as its performance can drive price movements for other assets, including SHIB.
Based on the 1-day chart and technical analysis, if Shiba Inu's downtrend continues, we could see the price targeting the next key support levels at $0.00001550 and $0.00001500. Traders will be watching these levels closely, as breaking below them could trigger further declines, pushing SHIB into a deeper bearish phase.
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