The price of Shiba Inu, a popular cryptocurrency in the market, which is associated with a negative market trend, has seen a significant decline in the past week. Despite a slight recovery in the market, the SHIB price action shows a tendency for future growth. SHIB is currently experiencing difficulties near a key support level. Meanwhile, the price of Bitcoin has fallen below $94,500, affecting the overall cryptocurrency market, raising doubts about its stability during this volatile period.
SHIB price analysis has become a hot topic in the investment community. Crypto analysts have been tweeting about the potential price action, highlighting key support levels. According to analysts, a SHIB that can maintain this support level will likely lead to a significant increase in the future.
Analysts have shown a chart that shows the support area that SHIB is currently testing. This area has been a key point in maintaining stable prices, and is a likely reversal point. If the price can hold on to this level, analysts expect a significant upward move to follow.
Over the past week, the price of Shiba Inu has fallen to a low of $0.0000183 on Friday. A few days later, there was a recovery that pushed the price to $0.000024 on Saturday, before the price stopped at this level and lost the recovery momentum.
At the same time, the cryptocurrency market is likely to be in a bearish mode, with Bitcoin also declining after trying to climb closer to the $100,000 level, putting the cryptocurrency market at risk, including Shiba Inu. Traders are feeling cautious, with many closely following price action during this high-risk period.
At the moment, the price of SHIB is trading at $0.00002097, which represents a decrease of around 2.5% in the last 24 hours. The price of the coin has been fluctuating between $0.00002067 and $0.00002247, indicating a fair amount of volatility in the market at the moment.
If this downtrend continues, a support signal for Shiba Inu could see the price drop below $0.000019, risking a breakout into new levels. Meanwhile, the cryptocurrency market is still showing mixed signals, with SHIB facing further selling pressure.
On the other hand, if the positive momentum increases, Shiba Inu may be able to reverse from the current levels and head towards the $0.000026 resistance level. Such a recovery will require strong buying activity and good market sentiment.
The 4-hour chart analysis shows the MACD reporting slight overlap, which could indicate a reversal. Many traders are starting to see a loss of momentum, and if the price fluctuations continue, a short-term recovery could occur.
With Shiba Inu’s price ending in a volatile situation, the current major support is the main factor in its next move. Whether a recovery can be made remains to be seen, with demand and good sentiment in the market likely to allow SHIB to break through the resistance level, but there is still a risk of further declines.
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