Shiba Inu Price Analysis: Amid last weekend’s altcoin crash, the Shiba Inu coin price witnessed a heavy sell-off and printed a long red candle on June 10th. Amid this downfall, the prices breached crucial support of $0.00000783, and $0.0000072 and reached a two-year low of $0.00000543. Though the support breakdown fueled the overall bearish view for this memecoin, the daily low created at the aforementioned low indicates the SHIB price is likely to go below it.
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Shiba Inu Price Daily Chart:
- The long-tail rejection at $0.0000056 support suggests the buyers are actively defending this level0
- A potential upswing in the SHIB price could raise a temporary recovery of 20%
- The intraday trading volume of the Shiba Inu coin is $120.5 Million, showing a 68% loss.
Source- Tradingview
On June 10th, the aggressive selling was swiftly countered by buyers, who managed to recover the losses incurred during the day. The resulting long-tail rejection indicated that the buyers are aggressively accumulating at this discounted price and projected a suitable level to revert the price higher.
By the press time, the SHIB coin traded at $0.00000665 and showed another long-tail rejection candle indicating the buying pressure persists. If the bullish momentum rises further, the coin price will witness a minor relief rally to retest the breached support of $0.0000072, and $0.00000783 as potential resistance.
With the higher possibility of sellers defending two resistances, the Shiba price is likely to stay in a downtrend or consolidation phase for the remaining days of June.
Will Shiba Inu’s Price Recover to $0.000008?
On the upside side, the Shiba Inu coin shows a downsloping trendline which has been carrying a steady downtrend for the past four months. Even if the coin price shows a significant recovery in the coming days, the buyers will get a better conviction for long-term recovery if the prices breach the overhead trendline. A breakout above the overhead trendline will boast the buying momentum and surpass $0.000008.
- Vortex Indicator: The wide gap showcased as the VI- slope moves up above the V+ reflects an established downtrend.
- Bollinger Band: The BB indicator challenged on the downside is another sign of intense selling pressure which is unstable and may lead to a swift rebound in the near future
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