Meme Coin Shiba Inu Drops: What lies ahead?

Shiba Inu (SHIB) is a symbolic that tries to be an Ethereum-based option in contrast to Dogecoin (DOGE), the well-known meme coin. In contrast to Bitcoin, which is intended to be scant, SHIB is deliberately plentiful — with a complete inventory of one quadrillion. Meme Coin recently were recently in spotlight sharing the spot with market leaders such as Bitcoin and Ethereum.

In the 20 most talked about cryptocurrencies in October as per ICO analytics, Shiba Inu topped the charts, succeeding, Bitcoin, Ethereum, Dogecoin and Others. Shiba Inu gained over 800% in the month of October, one of the top performing assets of the year. Investors, however, have started to worry as the coin tumbles down for the fourth consecutive day.

Here’s the market structure of the coin.

Shiba Inu reached it’s all time on October, 25th rallying up till $0.00008776 levels before a bullish reversal and leaving the major support and resistance levels untested.

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Shiba Inu is currently trading at $0.00005404 levels, down by 3.5% and it’s the fourth consecutive day for which the coin ended the day in red. Investors fear the potential of the coin to move through $0.000060 levels would lead to a fifth day in red.

Looking at the daily chart, the coin rose to an early morning intraday high at $0.00005511 levels. The early intraday low was seen at $0.00005355 levels. On the daily chart, Shiba Inu broke through the 23.6% FIB resistance level. Coming up against the $0.0000586 resistance level, it fell to a late intraday low of $0.00005325 levels.

On a daily chart the strong sell region extends between $0.00005409 and $0.00005475 levels. Contrarily, the strong sell region was between $0.00005329 and $0.00005384 levels.

On an hourly chart the coin is seen consolidating in a flag pattern between $0.00005365 and $0.00005427 levels. Shiba Inu started the day with an intraday high at $0.00005850 levels before making a reverse. Looking at the current momentum Shiba Inu is likely to make a bearish reverse.

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Market Indicators:

Hourly RSI: The hourly RSI is moving currently down towards 40 levels.

Fibonacci Retracement levels: 23.6%: $0.00006987, 38.2%: $ 0.00005680, 61.6%: $ 00003700

Major support level: $0.0000526

Major resistance level: $0.0000578

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Conclusion:

On the upside prices may move towards $0.000056 levels. The first major resistance sits at $0.000057 levels. In event of an extended rally upwards, the second major resistance sits at $0.00005850 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $0.000054 levels, will bring the first major support level $0.000052 level in play.

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