• Shiba Inu price has fallen more than 44% in the past week.
  • Selling pressure continues despite a bounce on Sunday.
  • Critical support at $0.000020 holding, but barely.

Shiba Inu price action, like the entire cryptocurrency market, has faced some significant selling pressure. Bears continue to pressure SHIBA, which is now down over 80% from its all-time highs.

Shiba Inu price likely to create support between $0.000016 and $0.000020

Shiba Inu price action rejected earlier signals indicating a bull reversal would likely occur. Near the beginning of January, there was some evidence that SHIBA may push for a $0.000050 value area test, but those projections have been eliminated.

From an Ichimoku Kinko Hyo perspective, Shiba Inu has zero upcoming support on the daily chart. Shiba Inu price is below the Cloud (Senkou Span A and Senkou Span B), the Tenkan-Sen, and the Kijun-Sen. Future Senkou Span A is below Future Senkou Span B, and the Chikou Span is below the candlesticks in open space. In other words, within the Ichimoku system on the daily chart, SHIBA is in price discovery mode and has a free hand to keep moving lower.

The nearest Ichimoku support level for Shiba Inu is on the weekly Ichimoku chart. Senkou Span A at $0.000007 is the closest Ichimoku support level for Shiba Inu price. However, a massive bounce could occur at any moment. The daily Composite Index has hit new all-time lows. At the same time, the Relative Strength Index is right on top of the first oversold level in a bear market at 30.

SHIBA/USDT Daily Ichimoku Kinko Hyo Chart

To generate any hint of termination of this current downtrend, Shiba Inu price will need a daily close above the Tenkan-Sen, Kijun-Sen, and the Volume Point Of Control. A close at or above $0.000028 would invalidate any further near-term bearish outlooks.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP