Against the US Dollar, the SHIB price (Shiba Inu) is battling below the $0.000008 resistance. If Shiba Inu closes above $0.000008, a recovery wave may begin.
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… #Technicalanalysis pic.twitter.com/WAbSP3eiON
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) September 6, 2023
- The price of the Shiba Inu continued to fall and tested the $0.0000074 region versus the US dollar.
- The price is currently trading below $0.000008 and the 4-hour 100 SMA.
- On the 4-hour chart of the SHIB/USD pair (data source from Kraken), a significant bearish trend line is developing with resistance located close to $0.0000077.
SHIB Price Faces Uphill Task
The price of SHIB has been steadily falling below $0.0000088 over the last few days. The price was pushed below the crucial support level at $0.0000080 by the bears.
The price of #SHIB faces a challenge to keep up with the busy #Shibarium network. After the turmoil in the launch of Shibarium, there was a delay in the total value of locked assets TVL in the chain. Currently, TVL is at $1.04M, down from $1.27M on Aug. 28, according to DeFiLlama pic.twitter.com/uTEqpEmmcr
— 山丨ㄥㄥ Trader_Kamikaze 🇧🇷 🤘 (@trader_kamikaze) September 4, 2023
Shiba Inu eventually found assistance close to the $0.0000074 zone. The price has made a low near $0.00000739 and is currently trying to make a recovery wave like Bitcoin and Ethereum. Near the 23.6% Fib retracement level of the decline from the $0.00000845 swing high to the $0.00000739 low, it is currently stabilizing.
The SHIB price, on the other hand, is currently trading below both $0.000008 and the 100 simple moving average (4 hours). On the 4-hour chart of the SHIB/USD pair, a significant negative trend line with resistance near $0.0000077 is also developing.
DOGE started less than $0.005 per coin and hit high of $0.74 in May,DOGE is currently trading at $0.25 per coin.
SHIB, on the other hand, started this year with a price value of less than $0.00000002 per coin and hit its record high price of $0.000038 in May.
— TusHer Ashraful (@TusHerAshraful) October 29, 2021
On the upside, the bears are defending the trend line and the $0.0000077 level. The 50% Fib retracement level of the decline from the $0.00000845 swing high to the $0.00000739 low, or $0.0000078 level, is where the next significant resistance is located.
The $0.0000080 level is where the greatest resistance is currently developing. The price could move toward the $0.0000088 level if it closes above the $0.0000080 level. The price may move toward the $0.0000092 mark if there are any further gains.
More Losses In Shiba Inu?
The Shiba Inu price may begin another slide if it is unable to overcome the $0.0000078 resistance. The initial level of support on the downside is close to $0.0000075.
Terra Luna , who trust this coin ? They let us alone with our losses, only plan with new buyers Terra Classic , but the new buyers never believed in the project Terra Luna they are just want a new Shiba inu , not more , i think plan 2 was the wrong way
— Patcho A. (@Denis24646) June 4, 2022
The first significant support is close to the $0.0000074 mark. Near the $0.0000072 level comes the next significant level of support. A prolonged slide towards the $0.0000070 region is possible if there is a downward break below the $0.0000072 support.