- SHIB/USD bounces of the support level of $0.0000063, Rejecting Resistance at 0.00000659
- Chinese Regulatory Crackdown Triggers Panic Sell on SHIB/USD.
- SHIB/USD bounced off over 0.0000063 support level, 0.0000065 extend resistance.
The SHIB/USD coin pair failed to stop its overnight bearish performance and still flashing red near the $0.00000654 level. At this time, Shiba Inu is trading between very crucial ranges and trying to violate the resistance level. If this happens, SHIB/USD may hit much lower levels. Shiba Inu’s price forecast remains bearish below the $0.0000065 resistance level today.
Buyers may be gained the upper hand in the previous day as the prices climbed more than 13%. However, the gains were short-lived as the seller took the control back and pulled down the price by 15%.
The SHIBA INU price is trading near $0.00000654 with a 24-hour trading volume of $240,024,571. SHIBA INU is dropped by 4.04% in the last twenty-four hours.
Chinese Regulatory Crackdown Triggers Panic Sell on SHIB/USD
The reason could be tied to the regulatory crackdown by Chinese authorities. Dogecoin and Shiba Inu seem to have carried the pressure of the recent price crashes in the market.
As per the report, the trading volume of the crypto market dropped over 40% last month. Numbers taken from top exchanges saw the volume traded in June being notably lower than that in May. Prices followed the lead of bitcoin, which had finally dropped to the $28,000level.
Coins like Shiba Inu and Dogecoin have seen incredible growth in less than a year. Dogecoin, which took a start from the price of $0.01, now trades for $0.1947. Trading over 1,000 percent of its price at the beginning of the year. However, the highly volatile nature of these coins could be seen as one of the most significant factors supporting them.
Recent Crypto Crash Pushing Shiba Inu Price Below 0.00000659
The prices of the Shiba Inu coin were being pressured by the recent price crashes in the crypto market. On the flip side, the upticks in the US dollar were also seen as one of the key factors that kept the SHIB/USD coin pair under pressure.
At the USD front, the broad-based US dollar succeeded in maintaining its early-day bullish rally and took some further bids near its highest levels in months on Monday as the market risk-off mood tends to underpin the safe-haven assets, including the US currency. The dollar also grew broadly against Asian currencies.
Shiba Inu Price Forecast: 50 EMA Retest at $0.00000659
Shiba Inu Price Forecast – Technical Analysis: Eyes on $0.00000659
Shiba Inu price forecast is slightly bullish on Monday as SHIB/USD bounced off over 0.0000063 support level. Closing of bullish engulfing on the 2-hour timeframe is supporting buying trend in SHIB/USD. However, the pair may face Resistance at 0.0000065 level.
On the 2 hour timeframe, the SHIB/USD pair was gaining strong support at 0.0000065 levels, but it was violated during last week. Now it’s likely to work as Resistance for SHIB/USD pair.
The 50 moving average (MA) is also supporting a bearish bias in SHIB at 0.0000065 levels. Thus, today’s trading heavy depends upon this level. SHIB/USD can exhibit buying trend over 0.0000065 levels, and selling can be expected if it fails to crossover.
The SHIB/USD price forecast is slightly bullish today. Thus, the forex trading participants may look for buying above 0.00000659 level to target 0.0000067 level. Whereas, we can expect a bearish retracement if SHIB closes candles below 0.0000065 level today. All the best.
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