$SHIB Inu’s Crucial Support and Resistance Levels: Will It Reach $0.0001 or its #ATH?
The cryptocurrency market is abuzz with speculation about the potential for Shiba Inu (SHIB) to reach $0.0001 this June as highlighted by $SHIB KNIGHT, an analyst. The price of $SHIB stands at $0.00002395 and fluctuating at the moment, with a recent increase indicating an upward trend.
Historically, SHIB experienced a dramatic spike followed by a steep decline. Since then, the price has stabilized, showing minor fluctuations and a period of consolidation. The lowest support level observed on the chart is around $0.00000001, serving as a long-term safety net. More immediately, support is found near the current price of $0.00002494, where the price has seen some consolidation and minor upward movement.
On the resistance side, the immediate level to watch is $0.00002495. If SHIB can break through this level, it could pave the way for further gains. A significant resistance level is marked by the green arrow at $0.00010001, which represents a major price target and psychological barrier for many traders. Intermediate resistance levels at $0.00005000 and $0.00001500 also warrant attention, as historical price action has shown reactions around these levels.
The recent positive price movement and the upward arrow suggest a bullish outlook, with some traders targeting a rise to $0.00010001. This optimism is fueled by the recent 1.24% increase in SHIB’s price over the last 24 hours, with a 24-hour trading volume of $659.67M as per CoinMarketCap.
If SHIB fails to break the immediate resistance at $0.00002495, it might retest lower support levels. A significant drop below the current support level could lead to further declines, testing historical supports.
The 30-minutes Relative Strength Index (RSI) reads 33.37 as indicated below, suggesting a period of consolidation after recent price movements. The 30-minutes WM %R(14) reads -48.90 indicating some selling pressure in the market, though not strong enough to significantly impact the price.
