SHIB Price Analysis: Shiba Inu (SHIB) Aims For a Bounce Off Mid Term Trend

• SHIB price falls nearly -25% since the start of July
• SHIB Price is respecting major support zone of $0.00000741
• 20 MA needs to break to start upward trend

SHIB Price Overview

Shiba Inu had two bullish announcements the last few weeks regarding its decentralized exchange but price failed to break the important area to start a strong uptrend. Along with DOGE, SHIB has been stuck under important resistance ever since the start of June. The meme coins have yet to show their strong backing as price has been fairly flat, awaiting a breakout from Bitcoin. 

At the beginning of the month, SHIB price got rejected at its important resistance zone of $0.000000959-$0.000000987. Price quickly pulled back under major supports as bears would net let SHIB start a strong uptrend. Candles closed below the long term trend of nearly 2 months and retreated back to major support zone of $0.00000819. For SHIB to be confirmed in an uptrend, price must break over now resistance of $0.00000785 & $0.00000819 and test its long term trend line which holds SHIB price from a strong boost upwards.

SHIB Price Analysis: SHIB/USDT 4 Hour Chart

At the time of writing, price has bounced off its mid term trend line which is met with its major support zone of $0.00000710-$0.00000741. SHIB price is in a good position to begin its way back to its top trend line as long as bulls hold major support zone. Before this can happen, Shiba Inu must break its 20 MA which has held it down for nearly 2 weeks. This MA is coupled with the median line of a short term descending channel. If bears continue to control the situation and break SHIB’s mid term trend, price will likely fall hard.

While looking at the Stochastic RSI we can see its in the middle of making up its mind as it has recently has fallen below the 50 value which represents a slight bearish bias. Strength must break back above 50 to be in a safer place. In a light of hope, the RSI is showing a potential bottoming formation as it refuses to break below the oversold line of 30. 

SHIB price  intraday levels 

• Spot rate: $0.00000751
• Trend: Bearish
• Volatility: Medium
• Support: $0.00000741
• Resistance: $0.00000785

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SHIB Price Analysis: Shiba Inu (SHIB) Aims For a Bounce Off Mid Term Trend appeared first on Coingape.