- SHIB price sees a bearish consolidation within a symmetrical triangle on the daily chart.
- Shiba Inu needs acceptance below 21-DMA to test the $0.00000731 support.
- RSI remains bearish while 50-DMA caps the upside attempts.
Heading into the weekend, Shiba Inu price extends its recent sluggish momentum, as it remains in a bearish consolidative mode after Thursday’s 10% decline.
The canine-themed coin failed to sustain the gains fuelled by the launch of Shibaswap, a decentralized exchange, earlier this week. The SHIB rallied hard to hit weekly tops at $0.000009775 in a quick reaction to the launch on Tuesday.
On its launch, Shiba Inu said that its platform gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through its “sophisticated and innovative passive income reward system.”
SHIB price gearing up for a fresh downswing?
As observed on the daily chart, the Shib price is battling the short-term critical support at the 21-Daily Moving Average (DMA) of $0.000007955.
The bulls have managed to defend the latter for the second straight day so far Thursday’s steep losses.
A daily closing below the 21-DMA is needed for SHIB price, in order to resume the downtrend towards the rising trendline support at $0.00000731.
It’s worth noting that Shiba Inu price has been wavering within a symmetrical triangle formation since early June.
A sustained break below the abovementioned trendline support is likely to validate a triangle breakdown, opening floors for a test of the immediate cap located at $0.000006995, where the upward-sloping 100-DMA aligns.
The 14-day Relative Strength Index (RSI) trades flatties but holds below the midline, suggesting that the bears still maintain their grip on SHIB price.
SHIB/USDT: Daily chart
Alternatively, if the SHIB bulls manage to find a strong foothold above the 50-DMA at $0.000008141, then a rebound towards the falling trendline resistance at $0.00000965 could be in the offing.
However, Thursday’s high of $0.000008820 could test the bullish commitments on its way to the triangle resistance.
Check out our video for in-depth SHIB price analysis
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?