Shiba Inu price analysis: when will the token bottom out?
Shiba Inu may turn down in the near term
Contents
- Shiba Inu price technical analysis: weekly chart
- Shiba Inu price technical analysis: daily chart
- Shiba Inu: buy or sell this week?
Shiba Inu continues to remain under pressure as bears are unwilling to let go of their advantage. As of 26 May 2022, bears are trying to sink shiba inu below the psychological support of $0.000010.
Shiba Inu announced on 23 May that Marcie Jastrow, former vice-president at Technicolor, has joined the Shiba Inu metaverse team. She will be responsible, it said, for forging brand partnerships and providing an “exceptional product”, which is inclusive of “community feedback and recommendations”.
This announcement could be seen as the first step to the earlier statement by Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu. In a Telegram chat viewed by International Business Times, Kusama said: "What we are going to announce next week or [the] week after is going to floor EVERYONE. Even I am floored.”
In a further boost to Shiba Inu, the Swiss watchmaker Tag Heuer announced on 18 May that it will be accepting 12 cryptocurrencies, including Shiba Inu, on its US website. However, this facility has not yet been introduced at its physical stores.
Could Shiba Inu go up? Read the SHIB price analysis to find out.
Shiba Inu price technical analysis: weekly chart
After the large range in the week before, SHIB’s price has been trading in a tight range between $0.000010 and $0.000013. This suggests that bulls are trying to defend the psychological support at $0.000010 but they are facing stiff resistance from the bears on rallies.
The failure to push the price higher may attract selling by the bears who will try to sink the SHIB/USD pair below $0.000010. If they manage to do that, the downtrend may resume and the pair could slide to the crucial support of $0.0000088.
A break and close below this level could open the doors for a possible decline to $0.0000064 and later to $0.0000048.
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Contrary to this assumption, if the price turns up and breaks above $0.000013, the recovery could reach the breakdown level of $0.000017. If bulls overcome this hurdle, the pair could rally to the 20-week exponential moving average (EMA).
Shiba Inu price technical analysis: daily chart
SHIB’s price failed to recover above the 20-day EMA in the past few days, indicating that demand dries up at higher levels. Both moving averages are sloping down and the relative strength index (RSI) is near oversold territory. This suggests that sellers are in command.
The bearish momentum could pick up if the pair breaks below $0.000010. The pair could then drop to the 12 May intraday low of $0.0000088, where the buyers are expected to defend the level with all their might.
If the price rebounds off the current level or the support, the bulls will attempt to push the pair above the 20-day EMA. If that happens, it will suggest that the bears may be losing their grip. The buyers will then attempt to propel the pair to the 50-day simple moving average (SMA),
Shiba Inu: buy or sell this week?
The bears are trying to sink the price below $0.000010 and if that happens, Shiba Inu’s price analysis suggests that a drop to $0.0000088 is possible. The buyers will have to push and sustain the price above the 20-day EMA to open the doors for a possible relief rally to $0.000017.
The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before arriving at a decision.
