Shiba Inu selling pressure continues, but SHIBA maintains critical support level
Shiba Inu price action rejected earlier signals indicating a bull reversal would likely occur. Near the beginning of January, there was some evidence that SHIBA may push for a $0.000050 value area test, but those projections have been eliminated. From an Ichimoku Kinko Hyo perspective, Shiba Inu has zero upcoming support on the daily chart. Shiba Inu price is below the Cloud (Senkou Span A and Senkou Span B), the Tenkan-Sen, and the Kijun-Sen. Future Senkou Span A is below Future Senkou Span B, and the Chikou Span is below the candlesticks in open space. In other words, within the Ichimoku system on the daily chart, SHIBA is in price discovery mode and has a free hand to keep moving lower. The nearest Ichimoku support level for Shiba Inu is on the weekly Ichimoku chart. Senkou Span A at $0.000007 is the closest Ichimoku support level for Shiba Inu price. However, a massive bounce could occur at any moment. The daily Composite Index has hit new all-time lows. At the same time, the Relative Strength Index is right on top of the first oversold level in a bear market at 30. Read more
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.