Shiba Inu (SHIB) price analysis
(note: the post contains data by CryptoDaily)
Shiba Inu (SHIB) has also spent most of the week in the red. There are several reasons behind SHIB’s relatively muted performances over the past few days besides just broader market trends, such as Binance’s announcement of the delisting of TUSD pairs for SHIB. Despite the dip in SHIB prices, it has retained strong support from its community, as indicated by the SHIB burn rate, which has remained in the green.
SHIB started the current week with a drop of 2.80%, pushing the price down to $0.000017. Buyers tried to spark a revival on Tuesday, pushing SHIB to $0.0000182. However, with strong resistance at $0.000019, SHIB was unable to move any higher, eventually dropping to $0.0000174. Bearish sentiment returned on Wednesday, as SHIB fell by 3.44% to $0.0000171. The current session sees SHIB down by 1.46%, currently trading below the $0.000017 mark at $0.0000168.
As we can see from the price chart, SHIB has support at $0.000016. If sellers can push the price below this level, SHIB could drop to $0.000015. Further bearish sentiment could push SHIB as low as $0.000010. For bullish momentum to return, SHIB must go above the 200-day SMA at $0.000019 and the 20-day SMA at $0.000020. A close above this level could see SHIB rally towards $0.000025.
