skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,487.39 5.30%
ethereum
Ethereum (ETH) $ 3,488.36 4.04%
tether
Tether (USDT) $ 0.998733 0.04%
xrp
XRP (XRP) $ 2.32 6.30%
bnb
BNB (BNB) $ 693.66 1.51%
solana
Solana (SOL) $ 196.05 6.13%
dogecoin
Dogecoin (DOGE) $ 0.333673 6.58%
usd-coin
USDC (USDC) $ 0.998757 0.20%
staked-ether
Lido Staked Ether (STETH) $ 3,482.19 3.98%
cardano
Cardano (ADA) $ 0.9375 5.63%

Why is the Shiba Inu (SHIB) Price Down Today?

Sellers continue to dominate as they push SHIB to new local lows.

Key Support levels: $0.000014

Key Resistance levels: $0.000018

1. SHIB Makes New Lows

The selling pressure intensified, and buyers were unable to hold SHIB above $0.000018, which has now turned into a key resistance. This latest drop in the price created a lower low which re-confirms the downtrend. Buyers are absent and they may only return once SHIB hits the current support at $0.000014.

SHIBUSDT_2024-06-24_10-50-02
Chart by TradingView

2. Indicators are Bearish

The past four weekly candles are in red, which shows that sellers have been dominating the chart. This is also reflected in the bearish momentum indicators. Moreover, the daily RSI is oversold at under 25 points, a level not seen since the 2023 bear market.

SHIBUSDT_2024-06-24_10-50-36
Chart by TradingView

3. Bearish Momentum Intensifies

The weekly MACD clearly signals that sell-pressure is mounting. The histogram is making lower lows, and the moving averages are in free fall. There are no signs of a possible reversal, and this bearish momentum could continue for some time.

SHIBUSDT_2024-06-24_10-50-18
Chart by TradingView

The post Why is the Shiba Inu (SHIB) Price Down Today? appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top