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.

  • 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.

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.

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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.

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.

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.

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