The price of Shiba Inu (SHIB) dropped to $0.000016 for the first time on July 31, as short-term traders continued their exodus from SHIB following Coinbase’s surprise listing earlier in May. This sell-off has many investors fearing a potential breach of key support around $0.000015. Shiba Inu, which did good during the previous week in a kind of bull fever due to Ethereum’s rise is having a hard time keeping its paceudiante en el mercado de criptomonedas
Shiba Inu replaces its core network support -$0.
Donald Trump attended the Bitcoin Nashville conference earlier this week, and his brief foray into crypto was once expected to drive bullish sentiment across the market. But the market has spent most of its time focussing on mega-cap assets, leaving Shiba Inu and other meme coins struggling to find ground.
Bearish Market Momentum
Bearish traders have controlled the short-term market momentum of Shiba Inu since a sell-the-news cycle that followed the launch of Ethereum ETFs on July 22nd. The ETF-related hyper-speculation has already resulted in a new-found hesitance on the part of crypto investors for Ethereum-based assets like Shiba Inu, as noted by analysts who predicted profits-taking driven sell-off events due to this heightened nature.
$100 Million Sell-Wall Builds up #BTC #Bitcoiniac pic. – Bitcoin is Familiar to Money (@BitcoinMoney) December 5, 2018
At a price level of $0.000018 per token, registered on July 22 the lowest ever for this month witnessed a much fall in SHIB’s value by -19.18%, to land at an average trade bottom valued at $0 suffered later that same day(decoded). However, data from IntoTheBlock’s Exchange Order books shows a major sell-wall is developing around 5.9 trillion SHIB as traders are preparing to offload their bags at an average price of $0.000017 per unit.’); This could be a greater than $100 million sell-off. In comparison, the number of SHIB prospective buyers is just 3.4 trillion reflected in an excess supply for sale of about 2.5 trillion too much!
Supply and Demand Dynamics
This oversupply, according to the basic laws of market supply and demand, will probably place downward pressure on SHIB’s price. On the other hand, the leading 20 cryptocurrencies such as XRP, BCH, and ETH have performed much better than SHIB over this past week. Such a performance gap could lead to SHIB short-term traders only leaving their investments and investing in new assets that are doing near ATHs, so they make the relay without losing much.
SHIB Price Forecast: SHIB/USD Key Support Levels
July 2024 Shiba Inu: the month opened with a dramatic price increase — culminating around $18b from its June floor and peaking at Jan ’24 levels of approximately $. Buyers tried to launch a recovery in the middle of July – within 11 days, theInoiversalCoin rate increased by +58.90%, although at $69 it faced strong resistance and began to fall again. A resistance level that represents a major hurdle for any upward movement.
The upper and lower bands are shown by the Donchian Channel (DC), which tells us right now that $0.00002151 is being traded while on the downside there is only an indicator for current trading at $ 0,000015783 a tight band to work within, SHIB has been stuck between these boundaries of support/resistance level from some time frame, acting like elastic continuously bouncing in between this barrier. The price is currently meandering around the $0.000016 range with the next resistance at 0.000017967 Should the bulls succeed in breaking above this resistance, interest may then shift back to the upper DC band of $0.00002151.
Technical Analysis – Relative Strength Index (RSI)
Relative Strength Index (14): 42.39 -Bear area, not yet oversold This means that there is still breathing air before the conditions become oversold. At the same time, a recent move of RSI below its 50 level shows bearish tendencies and suggests that the GBPUSD price is likely to face declines shortly as well.
Also Read- Shiba Inu Price Analysis: SHIB Faces $100M Sell-Off Despite ETH Rally
Key Support Levels to Monitor
There is a significant support level at $0.000015783 or the lower boundary of the Donchian Channel. Here is a look at the ZW weekly chart. It has retreated to key support but has not closed below it just yet and bulls need to defend this level: A lower break of this support may cause a further drop, likely towards the $0.00001400 level.
Conclusion
Following the latest $100 million dump along with sour market sentiment, Shiba Inu finds itself in a vulnerable position. Short-term traders are out of the trading positions, and market supply started to amplify lower since then which is creating heavy pressure on SHIB. Bulls will be seeking to keep $0.000015783 afloat as the primary support level, failing at which can likely trigger extended declines for Tron price These levels will be crucial to watch as the market develops in an attempt to determine where SHIB goes next.
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