Shiba Inu looks weak at the current price levels, SHIB may tag $0.00000751
|- Shiba Inu attempted to go for $0.00001000, but faded at $0.00000930.
- General markets turned to risk-off after FED minutes on Wednesday.
- SHIB is looking for support at around $0.00000769, where buyers might enter.
Markets had a tough day yesterday, with all major indices down for the second day in a row after the FED minutes from Wednesday and turmoil has not seemed to stop for Shiba Inu just yet.
Shiba Inu needs to look further down for a revival
Markets sold off on worries about the reflation trade with safe havens on the rise and riskier assets like equities and cryptocurrencies on the chopping block.
Although today the markets see a mild return of risk-on, Shiba Inu is lagging on the other major cryptocurrency pairs.
SHIB has had two consecutive downward trends starting on July 6, with the lowest level on July 9, where SHIB touched $0.0000769. That level looks justified as SHIB has the 200 four-hour Simple Moving Average (SMA) supporting the price action. Overall, SHIB sees that the 200 four-hour SMA played the same role back in June.
Just beneath that 200 four-hour SMA, Shiba Inu also has a blue zone between $0.00000751 and $0.00000769, where buyers will flock together as SHIB has some support from the end of June. Next, Shiba Inu has the RSI flirting with the 30-level that would mark it as oversold.
Therefore, the momentum for buyers to pick up some Shiba Inu is there.
SHIB/USD 4-hour chart
Shiba Inu looks set for the higher break. Still, it first needs to dip lower to pick up more buyers to overcome the negative influence from the descending trend line and the negative spiral in which cryptocurrencies have been stuck for the past few days.
To the upside, Shiba Inu sees the pivot of $0.00000827 as the first price target. Should SHIB get an entire risk-on phase, even $0.00000849 looks promising.
To the downside, look for $0.00000700 as a psychological level that also provided support on June 19 for the end of any further short-selling action.
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