Shiba SHIB has charted some notable loss in the past weeks and has continued to appear weak by the day. It recently initiated a drop, but the gravity is yet unknown if the price will go through or not.
Despite a series of lower highs in the past weeks, Shiba has found it difficult to break below the important $0.0000083 level to create a new multi-month low.
Aside from being its lowest price level for the past two months, this important level has also been acting as a solid support level on the higher timeframe.
However, it initiated another drop last week and the price is now charging slowly towards this mentioned support level again. Looking at this bearish pattern, which typically often leads to a breakdown, Shib is likely to dip to $0.000008 in the latest leg down.
Failure to break down this support could bring the price into a small consolidation phase before finding a key level to initiate a major breakdown. While the latest negative sentiments give no room for buying, the bulls might continue to suffer losses in the dip.
So far, the second-best-performing meme coin by market cap has lost roughly 3% weekly and is likely to see more drops in the coming weeks. Its bearish trajectory remains valid on the daily chart.
Shiba’s Key Levels To Watch
Shiba is likely to face support at $0.0000085 before settling at the key support of $0.0000083. Losing this important support could activate a huge sell-off to $0.0000076 and $0.0000067 in the future.
Above the descending trendline lies last week’s $0.0000095 high, where Shib initiated the current drop. If the price increases above this high, the next resistance levels to consider for a test would be $0.0000098 and $0.0000105.
Key Resistance Levels: $0.0000095, $0.0000098, $0.0000105
Key Support Levels: $0.0000083, $0.0000076, $0.0000067
- Spot Price: $0.0000088
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/shiba-inu-price-analysis-prediction-february-7-shiba-remains-firmly-above-0-000008-despite-series-of-of-lower-highs-will-it-break-this-time/