Shiba Inu (SHIB) took a hit during the major cryptocurrency market crash yesterday, losing the key support level at $0.000009. The coin is currently trading around $0.000008, down approximately 5% over the last 24 hours. Despite the wider market turmoil, this relatively modest drop shows SHIB remains one of the most stable altcoins.
Despite the market-wide selloff, Shiba Inu has shown relative strength. Its 5% decline over the past 24 hours is modest compared to the majority of altcoins that saw steeper losses during the same period. Over 80 cryptocurrencies (from the top100 per market cap) experienced greater percentage decreases than SHIB, underscoring its stability.
This price action highlights Shiba Inu as one of the most resilient altcoins in the current conditions. While the broader landscape remains challenging, SHIB continues holding up better than most other cryptos. Its ability to weather the storm points to a positive outlook once macro headwinds ease.
The unfortunate timing of the crash came right after the highly anticipated launch of the Shibarium ecosystem on August 17th. The price is now retesting the $0.000008 breakout level from earlier in the month. Pullback to this area could provide an attractive swing trade entry point, with upside potential back up to $0.000010.
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Show more +Data shows an increased number of large transactions valued at $1 million or more for Shiba Inu lately. As a leading memecoin rallying in early August, it seems many major wallets are moving sizable amounts following the cool-off in prices.
Overall sentiment for SHIB remains bullish across the market. The current $0.000008 level may offer an optimal entry point for prospective investors. Holding above $0.000008 remains crucial over the short-term.
From a technical analysis perspective, SHIB is displaying an ascending triangle continuation pattern. Traders typically await a definitive breakout above resistance, but swing traders could also trade between the trendlines – buying at support and selling at resistance.
Source: altFINS
The medium-term trend is up, but short- and long-term trends are more neutral. Momentum indicators are mixed with the MACD line below the signal line (bearish), but RSI around 50 (neutral).
Key support zones lie at $0.0000080 (prior resistance) and $0.0000055. Resistance is expected at $0.0000100, then $0.00001200.
In summary, Shiba Inu retains relative strength despite the wider crypto pullback. The $0.000008 area marks an important potential bounce level after the Shibarium launch. SHIB remains in an ascending triangle continuation pattern, with a bullish medium-term uptrend still intact.
You can check our Shiba Inu price prediction here.
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