Shiba Inu Price Analysis $0.000007
Shiba Inu is a cryptocurrency that was founded in 2015 and has a current supply of 21 million coins. Shiba Inu adopts a Proof of Work/Proof of Stake hybrid consensus system, which means that the mining and staking process are completely different. Shiba Inu utilizes a unique hybrid consensus methodology that involves both Proof of Work and Proof of Stake.
Summary of the situation
- Shiba Inu’s price analysis indicates SHIB’s inability to consolidate above the critical support level of $0.000007.
- A Shiba Inu recovers 40% after an accident.
- SHIB is showing signs of growth towards the Fibo 50% correction level.
- A move below the $0.00000624 low would negate any bearish prediction.
The Shiba Inu has been experiencing unfavorable price swings for more than a week, losing nearly half of its recent gains. On this downtrend, Shiba Inu has registered a price reversal as it trades in a low range, suggesting that the cryptocurrency is about to reach equilibrium.
Shiba Inu Price Analysis: Price Overview
If you look at the 24-hour price chart of Shiba Inu, you can see that the crypto-currency failed to consolidate below the critical $0.000007 support level due to insufficient bearish momentum. This caused crypto assets to return and consolidate above this critical level. While the crypto-currency market continues to struggle with volatility, Shiba Inu has come under significant pressure in recent trading sessions. Recently, the number one cryptocurrency, bitcoin, tried to retest the $30,000 support line, which sent shivers across the market. During today’s trading session, bitcoin exceeded $36,000, while other virtual assets saw positive price action. Market sentiment currently hinges on the performance of the bitcoin price, which needs to consolidate above the $35,000 support line to have a chance at a bullish scenario.
Shiba inu price change in the last 24 hours
Source: TradingView Shiba Inu is currently trading above the $0.00000718 support level after failing to make an upward move. On the 24-hour chart, it is likely that buyers of Shiba Inu will test the first resistance level at $0.00000832 if the continuation of the uptrend is any indication. In this case, the crypto asset could reach a new high of $0.00000885. If buying pressure persists, the meme-themed crypto asset could retest the 50% Fibo retracement level, which coincides with $0.00000937. In a bullish scenario, Shiba Inu could set a new high at $0.0000104. However, if the dog-themed cryptocurrency fails to consolidate above the $0.000007 support line, SHIB is likely to drop to the next $0.0000063 support level. If this happens, the next likely price level for Shiba Inu would be the next support line at $0.0000044. Currently, there is no significant resistance barrier between $0.0000044 and $0.0000063. Therefore, the downward trend will be rapid.
4 hours card for Shiba Inu
Source: TradingView Unlike other leading crypto assets, SHIB shows no significant signs of moving higher. This means that market participants should be careful when trading this crypto asset. According to the 4-hour chart, supply barriers between $0.00000832 and $0.00000885 are crucial to confirm the price rally.
So if the bulls fail to consolidate above these levels in the near term, it means the possibility of a downward price movement. If SHIB breaks to the bottom of the $0.00000653 area, all bullish projections end and a 22% decline begins. As a result, the price of Shiba Inu is set at $0.00000513. If selling pressure continues, SHIB could fall to $0.0000042. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.