As a seasoned crypto investor, I’ve seen my fair share of market swings and trends. And unfortunately, the recent price action for SHIB has been less than ideal. Despite initial hopes that the $0.000025 level would hold as key support and propel us to new highs, sellers had other plans.
Despite an attempt at making higher highs in early June, momentum has shifted in favour of sellers.
Key Support levels: $0.000018
Key Resistance levels: $0.000025
1. SHIB Loses Key Level
Investors had high expectations that SHIB would maintain its position above the $0.000025 mark as a significant foundation for further growth. Regrettably, this optimistic outlook was brief-lived. Buyers lost control of the market dynamics, and in turn, $0.000025 transformed into a formidable resistance level.
2. Bulls on the Defensive
Sellers have caused the price to drop below the $0.000025 mark, leaving buyers with no choice but to regroup at the current support level of $0.000018. The trend in the market looks bearish as it has been forming successively lower prices over the past week.
3. Bearish Momentum Picking Up
June began with a positive outlook, but the situation took a turn for the worse as the trend became increasingly pessimistic. This trend is reflected in the weekly MACD, where the histogram is forming lower lows and the moving averages are rapidly declining. The price is currently hovering near significant support at $0.000018, which may try to halt this downward trend.
Read More
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PBX PREDICTION. PBX cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- USD DKK PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
- O3 PREDICTION. O3 cryptocurrency
- USD VND PREDICTION
2024-06-11 17:57