Shiba Inu At $0.0000072: Sellers Push For Breakout From Compact Zone

Christian Encila

Last Updated: June 11, 2024 2:29 pm

3 mins read

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Shiba Inu (SHIB) has been navigating turbulent waters in the crypto market since mid-April. With its price oscillating between the lows of $0.0000068 and the highs of $0.0000076, SHIB holders have been eagerly awaiting a breakout from this sideways movement. The question on everyone’s mind: Will sellers succeed in pushing SHIB out of its current zone?

Price analysis shows that since mid-August, SHIB has been grappling with a bearish market structure on both higher and lower timeframes. The ominous signs began with a sharp price rejection at the $0.00001 price zone, triggering a cascade of sell-offs that brought the price crashing below the once-strong support at $0.0000080.

The Relative Strength Index (RSI) has consistently remained below the neutral 50 mark, underscoring the relentless selling pressure. Furthermore, the Chaikin Money Flow (CMF) plummeted from positive to negative during this prolonged range-bound period.

Current SHIB Stats

As of the latest data available on CoinGecko, SHIB is trading at approximately $0.000007258220, showing a minor 0.2% decline in the past 24 hours and a seven-day dip of 3.1%. These figures indicate the prevailing bearish sentiment surrounding SHIB.

SHIB market cap reaches $4.2 billion. Chart: TradingView.com

The $0.0000080 level, which had previously acted as a stronghold for bulls, has now transformed into a formidable resistance barrier due to the sustained selling pressure. While SHIB has maintained a sideways trajectory since this resistance flip, the looming threat of further bearish activity cannot be ignored.

A successful bearish breakout could potentially lead SHIB to target the June low of $0.000006, the analysis notes. Conversely, if Bitcoin (BTC) stages a rally beyond $27,000, it might just be the catalyst for an unexpected bullish surge in SHIB’s current range.

SHIB Bulls Hold On To Optimism

On a more optimistic note, some analysts believe that if SHIB manages to hold support at $0.0000070, in conjunction with an ascending trendline, it could pave the way for a sentiment shift and potential price recovery, aiming for levels beyond $0.00001. The first crucial step towards this ascent is conquering the immediate seller congestion at $0.0000074.

Source: Coingecko

Shiba Inu (SHIB) remains firmly entrenched in a bearish market structure, with several indicators pointing to sustained selling pressure. However, the crypto world is known for its unpredictability, and market sentiment can shift rapidly.

Traders and enthusiasts alike will be closely monitoring these critical levels, hoping for a change in SHIB’s fortune, but with caution as they navigate the treacherous crypto waters.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.