- SHIB price is stuck trending lower since the all-time high on May 10.
- A trend line drawn connecting the swing highs from May 13 reveals a declining resistance level.
- Shiba Inu might rally lower if it gets rejected at $0.00000949.
SHIB price is stuck between a massive supply zone and multiple barriers that have constricted its movement. Shiba Inu is currently grappling with a declining resistance level with the lack of a clear trend.
SHIB price needs to establish clear trend
SHIB price is currently trading at $0.00000880, just below the declined resistance line. This barrier has prevented Shiba Inu from heading higher three times over the past two weeks, starting from May 13.
The dog-themed cryptocurrency might give this supply level another try. A decisive close above $0.00000949 will signal the start of a 23% uptrend. However, rejection from the declined resistance will push Shiba Inu lower by 23% to the support barrier at $0.00000654.
At the time of writing, SHIB price shows no bias whatsoever. Therefore, investors need to wait for a confirmation that establishes direction.
Assuming a bullish breakout, Shiba Inu needs to close above $0.00000950. In that case, a 23% upswing will put it at $0.0000117, the lower range of a supply zone that stretches up to $0.0000169.
If the bullish momentum persists, SHIB price could tag $0.0000144, which is roughly another 23% rally from $0.0000117.
SHIB/USDT 4-hour chart
On the flip side, a downtrend will continue to evolve if the SHIB price gets rejected at $0.00000950. In that case, a 23% sell-off will put Shiba Inu at $0.00000654.
Further selling pressure at this level that breaks down the floor mentioned above will invalidate the upswing narrative and result in a 36% crash to $0.00000420.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?