SHIB, or Shiba Inu, is a cryptocurrency that has recently seen a 0.12% price increase. Currently trading at $0.00001290, it is experiencing sideways movement between key support and resistance levels.
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Current Price Movement: SHIB is trading at $0.00001290 with a slight increase over the last day.
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Market Sentiment: The market is currently bearish, indicating potential downward pressure.
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Price Range: SHIB is fluctuating between support at $0.00001173 and resistance at $0.00001428.
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What is SHIB?
SHIB, or Shiba Inu, is a decentralized cryptocurrency that has gained popularity as a meme coin. Currently, SHIB is trading at $0.00001290, reflecting a 0.12% increase over the last day.
How does SHIB perform in the market?
SHIB’s performance shows a bearish trend on the hourly chart, with a recent false breakout at the resistance level of $0.00001303. If selling pressure persists, a drop to the $0.00001270 area is anticipated. The overall market sentiment remains neutral, with ongoing sideways trading expected.
Frequently Asked Questions
What are the key support and resistance levels for SHIB?
The key support level for SHIB is at $0.00001173, while the resistance level is at $0.00001428, indicating a wide trading range.
Why is SHIB experiencing sideways trading?
SHIB is experiencing sideways trading due to a lack of strong buying or selling pressure, with the price fluctuating within established support and resistance levels.
Key Takeaways
- Price Stability: SHIB is currently stable, trading at $0.00001290.
- Market Dynamics: The market sentiment is bearish, suggesting potential downward movement.
- Trading Range: SHIB is expected to continue trading sideways between $0.00001173 and $0.00001428.
Conclusion
In summary, SHIB is currently trading at $0.00001290, showing a slight increase of 0.12%. The market is experiencing bearish sentiment, with key support and resistance levels established. As trading continues, investors should monitor these levels closely for potential price movements.
SHIB chart by CoinStats SHIB/USD
The price of SHIB has risen by 0.12% over the last day.
Image by TradingView On the hourly chart, the picture is bearish as the rate is falling after a false breakout of the local resistance of $0.00001303. If sellers’ pressure continues, one can expect a dump to the $0.00001270 area.
Image by TradingView On the bigger time frame, the picture is neither bullish nor bearish. The rate of SHIB is in the middle of the wide channel between the support of $0.00001173 and the resistance of $0.00001428.
As neither side is dominating, ongoing sideways trading is the more likely scenario.
Image by TradingView From the midterm point of view, the situation is similar. The volume is falling, which means traders are unlikely to see sharp moves by the end of the month.
SHIB is trading at $0.00001290 at press time.
