• Shiba Inu attempted to go for $0.00001000, but faded at $0.00000930.
  • General markets turned to risk-off after FED minutes on Wednesday.
  • SHIB is looking for support at around $0.00000769, where buyers might enter.

Markets had a tough day yesterday, with all major indices down for the second day in a row after the FED minutes from Wednesday and turmoil has not seemed to stop for Shiba Inu just yet.

Shiba Inu needs to look further down for a revival

Markets sold off on worries about the reflation trade with safe havens on the rise and riskier assets like equities and cryptocurrencies on the chopping block. 

Although today the markets see a mild return of risk-on, Shiba Inu is lagging on the other major cryptocurrency pairs. 

SHIB has had two consecutive downward trends starting on July 6, with the lowest level on July 9, where SHIB touched $0.0000769. That level looks justified as SHIB has the 200 four-hour Simple Moving Average (SMA) supporting the price action. Overall, SHIB sees that the 200 four-hour SMA played the same role back in June. 

Just beneath that 200 four-hour SMA, Shiba Inu also has a blue zone between $0.00000751 and $0.00000769, where buyers will flock together as SHIB has some support from the end of June. Next, Shiba Inu has the RSI flirting with the 30-level that would mark it as oversold.

Therefore, the momentum for buyers to pick up some Shiba Inu is there.

SHIB/USD 4-hour chart

SHIB/USD 4-hour chart

Shiba Inu looks set for the higher break. Still, it first needs to dip lower to pick up more buyers to overcome the negative influence from the descending trend line and the negative spiral in which cryptocurrencies have been stuck for the past few days. 

To the upside, Shiba Inu sees the pivot of $0.00000827 as the first price target. Should SHIB get an entire risk-on phase, even $0.00000849 looks promising.

To the downside, look for $0.00000700 as a psychological level that also provided support on June 19 for the end of any further short-selling action.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.

More Bitcoin News

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion. 

More Ripple News

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.

More Cryptocurrencies News

Here’s what you need to know about LayerZero ZRO token airdrop

Here’s what you need to know about LayerZero ZRO token airdrop

LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date. 

More Zro News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP