- Ever since mid-June, SHIB has dropped by about 18%.
- Any increase in buying pressure could mean that SHIB could retest the $0.0000104.
- At the moment, the mem coin is trading at $0.000009641 after an 11.36% decrease in price.
Between June 19 and 26, Shiba Inu (SHIB) rallied by 70% which means that there was some optimism amongst buyers around mid-June. This bounce from SHIB set a swing high at $0.0000121 but did not manage to close above the June swing high at $0.0000119.
Since then, SHIB has dropped by about 18% and as a result, the Momentum Reversal Indicator (MRI) has flashed a green “one” buy signal on the four-hour chart. This could forecast a one-to-four green candlestick upswing for the meme coin.
Any increase in buying pressure could mean that SHIB could retest the $0.0000104. A resection at this point could lead to SHIB’s next leg-down where SHIB could test the $0.0000095 support level.
Shiba Inu Perpetual Futures 4h (Source: FXStreet)
Although things might seem a bit bearish for SHIB, it is still important to notice the fact that a higher high above the most recent swing high could be indicative of the presence of buyers. The bearish thesis for SHIB will be invalidated if the Crypto’s price produces a four-hour candlestick close above $0.0000119.
Shiba Inu is currently the 15th most valuable crypto in terms of market capitalization, according to CoinMarketCap. At the moment, the meme coin is trading at $0.000009641 after an 11.36% decrease in price and after reaching a high of $0.00001108. Although the price of SHIB is down, the crypto is still up 1.02% over the last week.
SHIB’s 24-hour trading volume is currently down 3.54% and is standing at $488,869,352.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies