đ„đ„đ„ #Shibalnu Price Analysis: Can $SHIB Bulls Flip this $17M Resistance?
Shiba Inu (SHIB) Hits Resistance at $0.000014 After 25% Rebound
- Recent Price Movements: SHIB rebounded 25% from a low of $0.000011 on August 5 to $0.000014 by August 8. This rise was driven by positive market factors like ETF inflows, Rippleâs fine, and Russiaâs #CryptoMining legalization. However, the price stalled at the $0.000014 resistance level.
- Market Resistance and Sell Orders: At $0.000014, SHIB faced strong resistance due to accumulated sell orders. The past 24 hours saw a 4% pullback from this high. Current sell orders exceed buy orders by 2.4 trillion SHIB ($17 million), indicating weak buying support and potential for further declines.
- #PriceForecast : Technical indicators are mixed. SHIB is near the lower Bollinger Band, suggesting it might be oversold and could bounce back. The RSI hints at a possible bullish reversal. If SHIB holds at $0.000013 and buying pressure increases, it might retest the $0.000015 resistance and aim for $0.000018. Conversely, a drop below $0.000013 could lead to a revisit of the $0.000012 level.
Conclusion: SHIBâs ability to break through $0.000015 depends on broader market sentiment and new bullish developments. If conditions improve, SHIB might see further price gains.
Source - thecryptobasic.com
