SHIB Price Prediction: Here’s What Could Trigger Recovery In Shiba Inu
06 Setembro 2023 - 1:37AM
NEWSBTC
SHIB price (Shiba Inu) is struggling below the $0.000008 resistance
against the US Dollar. Shiba Inu could start a recovery wave if it
settles above $0.000008. Shiba Inu price extended its decline and
tested the $0.0000074 zone against the US Dollar. The price is now
trading below $$0.000008 and the 100 simple moving average (4
hours). There is a key bearish trend line forming with resistance
near $0.0000077 on the 4-hour chart of the SHIB/USD pair (data
source from Kraken). The pair could start a recovery wave if it
clears the $0.0000078 and $0.0000080 levels. SHIB Price Faces
Uphill Task In the past few days, SHIB price saw a steady decline
below the $0.0000088 level. The bears were able to push the price
below the key support at $0.0000080. Finally, Shiba Inu found
support near the $0.0000074 zone. A low is formed near $0.00000739
and the price is now attempting a recovery wave, like Bitcoin and
Ethereum. It is now consolidating near the 23.6% Fib retracement
level of the downward move from the $0.00000845 swing high to the
$0.00000739 low. However, SHIB price is trading below $$0.000008
and the 100 simple moving average (4 hours). Besides, there is a
key bearish trend line forming with resistance near $0.0000077 on
the 4-hour chart of the SHIB/USD pair. On the upside, the bears are
protecting the $0.0000077 level and the trend line. The next major
resistance is near the $0.0000078 level or the 50% Fib retracement
level of the downward move from the $0.00000845 swing high to the
$0.00000739 low. Source: SHIBUSD on TradingView.com The main
resistance is now forming near the $0.0000080 level. A close above
the $0.0000080 level might send the price toward the $0.0000088
level. Any more gains might send the price towards the $0.0000092
level. More Losses In Shiba Inu? If Shiba Inu price fails to clear
the $0.0000078 resistance, it could start another decline. Initial
support on the downside is near the $0.0000075 level. The first
major support is near the $0.0000074 level. The next major support
is near the $0.0000072 level. If there is a downside break below
the $0.0000072 support, there could be an extended decline towards
the $0.0000070 zone. Technical Indicators 4 Hours MACD – The MACD
for SHIB/USD is losing pace in the bearish zone. 4 Hours RSI
(Relative Strength Index) – The RSI for SHIB/USD is currently below
the 50 level. Major Support Levels – $0.0000075 and $0.000074.
Major Resistance Levels – $0.0000078, $0.0000080 and $0.0000088.
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