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Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024
The post Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024 appeared on BitcoinEthereumNews.com. A notable market watcher identified as SHIB Whale on X identifies a Shiba Inu support zone around $0.000016 that could help push SHIB back to $0.000024. The analyst’s market commentary comes on the back of the ongoing correction that has triggered shocking declines in the Bitcoin’s (BTC) price and the prices of altcoins. Due to its higher volatility, Shiba Inu has experienced steeper slumps, currently down 33.11% this month. Since reaching a high of $0.00002945 on May 29, Shiba Inu has been on a downward slope, recording lower lows and lower highs on the daily timeframe. This has led to the formation of a descending channel on the daily chart, as pictured below, with a resistance stationed at $0.00002622 and a support around the $0.000016 region. Shiba Inu Descending Channel Such a channel indicates that investor sentiment is bearish, with consistent selling pressure causing prices to fall. However, it also shows occasional rallies that are unable to break above the resistance at the upper trendline despite this resistance constantly dropping to lower levels. Shiba Inu Finds Support at $0.000016 Leveraging a 2-hour chart, analyst SHIB Whale revealed that Shiba Inu currently trades within a descending triangle amid the ongoing price decline. The formation of this triangle began at the start of the month, with SHIB now close to the peak of the structure. $SHIB It’s a Very strong Support Zone For theShib Expecting some bullish Momentum From here ???????? pic.twitter.com/34FCR59oPw — SHIB Whale X (@SHIBWhaleX) June 22, 2024 Interestingly, data from SHIB Whale’s chart indicates that the lower trendline of this descending triangle forms a robust support level that could help Shiba Inu hedge against any steeper declines. This support rests on the $0.00001670 price level. Per IntoTheBlock data, this zone features 58,560 addresses which procured 93.98 trillion SHIB at…
The post Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024 appeared on BitcoinEthereumNews.com.
A notable market watcher identified as SHIB Whale on X identifies a Shiba Inu support zone around $0.000016 that could help push SHIB back to $0.000024. The analyst’s market commentary comes on the back of the ongoing correction that has triggered shocking declines in the Bitcoin’s (BTC) price and the prices of altcoins. Due to its higher volatility, Shiba Inu has experienced steeper slumps, currently down 33.11% this month. Since reaching a high of $0.00002945 on May 29, Shiba Inu has been on a downward slope, recording lower lows and lower highs on the daily timeframe. This has led to the formation of a descending channel on the daily chart, as pictured below, with a resistance stationed at $0.00002622 and a support around the $0.000016 region. Shiba Inu Descending Channel Such a channel indicates that investor sentiment is bearish, with consistent selling pressure causing prices to fall. However, it also shows occasional rallies that are unable to break above the resistance at the upper trendline despite this resistance constantly dropping to lower levels. Shiba Inu Finds Support at $0.000016 Leveraging a 2-hour chart, analyst SHIB Whale revealed that Shiba Inu currently trades within a descending triangle amid the ongoing price decline. The formation of this triangle began at the start of the month, with SHIB now close to the peak of the structure. $SHIB It’s a Very strong Support Zone For theShib Expecting some bullish Momentum From here ???????? pic.twitter.com/34FCR59oPw — SHIB Whale X (@SHIBWhaleX) June 22, 2024 Interestingly, data from SHIB Whale’s chart indicates that the lower trendline of this descending triangle forms a robust support level that could help Shiba Inu hedge against any steeper declines. This support rests on the $0.00001670 price level. Per IntoTheBlock data, this zone features 58,560 addresses which procured 93.98 trillion SHIB at…
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