SHIB price was highly bullish during the start of 2023, as price started to rise from the low of $0.000008 and created high at $0.00001575. Since then, the price has not been able to gain stability. The high triggered a drop and price melted down to $0.00000985. The cryptocurrency price did enter into an uptrend and gained bullish momentum, but the move was discontinued at $0.00001165. Bears entered into the market and broke the uptrend.
During the start of June, as the whole crypto market was going through a downfall phase due to SEC’s legal actions, SHIB price also had a downfall and broke the yearly lows. Recently, the price formed support at $0.00000655 and saw a spike as BlackRock, the world’s leading asset manager, filed for Bitcoin Spot ETF.
SHIB price retested the previous support turned resistance of $0.00000795, but it could not close above it. The price retraced back after rejection to form support at $0.00000720 which was also halted at $0.0000078. Currently, the previous candle has shattered the support of $0.000007 and closed below it.
The current candle has broken the low but is currently bullish. If the price can break below $0.000007, it might head down toward the next support level of $0.00000655 causing a loss of roughly 6.58%. On the contrary, if the candle closes back into the previous zone above $0.0000072, there is a possibility that the price might rise toward $0.0000078 for a retest.
Mainnet Launch Of Shibarium
The Shibarium team has confirmed the launch to be happening during the Bitcoin Futurist Conference which will be held in August, 2023. The lead developer, Shytoshi Kusama, hinted this in his recent blog. The team’s mission is to develop a potent scaling solution to expand the ethereum ecosystem.
Will Shib Price Melt to $0.000655 Level?
The cryptocurrency price has crossed the 20-day EMA negatively and now trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. Chaikin money flow score is -0.02 suggesting the weakness is slowly hitting the market.
RSI has also started to dip after rising above the 50 mark and is currently trading at 42.51, suggesting bearish momentum in the price. The long/short ratio is 0.967 with 49.17% longs and 50.83% shorts indicating slightly higher pressure from bears in the last 24 hours.
Conclusion
The market structure and price action of Shiba Inu has turned bearish after the price faced rejection from $0.0000078. The previous candle has closed below the support level of $0.0000072 which indicates the possibility of a meltdown toward $0.00000655.
Technical levels
Major support: $0.00000655 and $0.000006
Major resistance: $0.00000795 and $0.00000840
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/07/shiba-inu-price-prediction-shib-price-melts-as-btc-price-plunges-2/