Shiba

Resistance

Shiba Inu

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The Shiba Inu crypto has been on a free fall for the last five intraday sessions.</a> </li> 
 <li> <span>2</span> <a>The daily chart witnesses the formation of an interesting channel pattern.&nbsp;</a> </li> 
</ul> 
<p>Shiba Inu crypto is struggling to find stable ground and has been in a declining trend. The bears are currently in control of the market, and the price has been on a downward trend for the 5th consecutive session, hovering below the 50-day EMA.&nbsp;</p> 
<p>Moreover, Last week started off on a positive note, with the crypto experiencing a surge in its price, reaching a high of $0.000028. However, things quickly took a turn for the worse, and the latter half of the week saw a correction in the price, which is continuing this week.</p> 
<p>The daily chart shows an interesting pattern. While the trend may be unclear, with the help of price action and technical indicators, we can get a better idea of what to expect in the upcoming sessions.</p> 
<h2 class="wp-block-heading" id="strong-shiba-inu-crypto-price-fall-coincides-with-broader-market-correction-strong"><strong>Shiba Inu Crypto Price Fall Coincides With Broader Market Correction!</strong></h2> 
<p>The dip in Shiba Inu’s price coincides with a broader market correction, which has led to Bitcoin’s lowest level in about a week. This has raised concerns among bulls, who are closely monitoring Shiba Inu’s ability to hold critical support levels and regain its upward momentum.</p> 
<p>However, the current price is unsustainable at the CMP due to the heavy selling pressure. Additionally, the bulls failed to capitalize on the gains made earlier in the previous week, leading to a selloff that allowed the sellers to reclaim their dominance at the highs.</p>    
<p><a href="https://in.tradingview.com/chart/SHIBUSD/m5L0hHU1-Shiba-Inu-Crypto-Plummets-Below-50-Day-EMA-Bearish-Days-Looming/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a></p>  
<p>The outcome of this critical <a href="https://www.thecoinrepublic.com/2024/04/29/kava-price-crashes-near-multi-month-low-value-whats-next/" target="_blank" rel="noreferrer noopener">price</a> test will depend on various factors, including investor sentiment and the overall trajectory of the cryptocurrency market. With volatility high and uncertainty prevalent, bulls may need to show resilience.</p> 
<p>Now, if the price drops further, the next support could be between $0.000019 and $0.000021. On the other hand, if Shiba Inu bounces back from the lower levels, it is likely to face resistance from $0.000030 and $0.000027.</p> 
<h2 class="wp-block-heading" id="strong-shiba-inu-daily-chart-illustrates-an-interesting-pattern-formation-strong"><strong>Shiba Inu Daily Chart Illustrates An Interesting Pattern Formation</strong></h2> 
<p>Additionally, on the daily chart, there is evidence of a declining parallel channel pattern formation, with the price currently oscillating between the upper and lower boundaries of the channel. It is likely that the Shiba Inu price will remain range-bound until it breaks out of the channel on either side. This breakout or breakdown may indicate a clear trend in the crypto market.</p> <iframe loading="lazy" title="Santiment Chart: Price (SHIB), Volume (SHIB), Price (SHIB) MA(50), Price (SHIB) MA(200)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2023-12-01T00%3A00%3A00.000Z&amp;dt=2024-03-22T18%3A29%3A59.514Z&amp;sat=shchcfg_0fkcqXWOckcn&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd%3B%5B2%3Bprice_usd%3BMA50%5D%3B%5B2%3Bprice_usd%3BMA200%5D&amp;wax=0%3B1&amp;wc=%2333bd5d%3B%23D2D6E7%3B%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%2212h%22%2C%22node%22%3A%22candle%22%7D%3B%3B%3B" scrolling="no"></iframe> 
<p>SHIB has dropped below the 50-day EMA, indicating a weakening trend. However, the 200-day EMA is still located below the price, which may act as dynamic support for the crypto.</p> 
<p>In addition, the MACD indicator shows a bearish crossover, indicating a continuation of the price on the lower side. The price has further potential to fall until it reaches the recent support level of $0.0000211.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>SHIB is sinking like other coins in this correction phase, the daily charts signal short term bearishness lay ahead. It has dropped below the 50 and 200 day EMAs. The RSI and MACD are painting a grim picture.</p> 
<h4 class="wp-block-heading"><strong>Technical levels:</strong></h4> 
<ul> 
 <li>Support Levels: $0.000019 and $0.000021</li> 
 <li>Resistance Levels: $0.000027 and $0.000030</li> 
</ul> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Shiba Inu Crypto Plummets Below 50-Day EMA: Bearish Days Ahead?

Table of Contents

Thecoinrepublic.com

Other articles published on Apr 29, 2024

MicroStrategy Reports Q1 Results, Company Holds 214,400 Bitcoins

Is It Too Late To Buy GLM? Golem Price Soars 14% As This Fresh Solana Casino Token Grabs Attention

Filipinos face higher fees after Binance ban

Institutional Wind Continues to Blow Backwards in Bitcoin and Ethereum: "BTC and ETH Sales, Purch...

Slothana Presale Starts the Countdown: 1 Hour Left Until Launch, Token Airdrop

Phoenix Wallet: Clear Funds by May 3rd US Exit

Join our free newsletter for daily crypto updates!