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Why is the Shiba Inu (SHIB) Price Down This Week?

Why is the Shiba Inu (SHIB) Price Down This Week?

CryptopotatoCryptopotato2024/08/04 16:00
By:Author: Duo Nine

SHIB’s price has taken a massive beating throughout the past 24 hours, much like the rest of the market.

SHIB crashed by over 30% this week due to global market chaos.

Key Support levels: $0.000011

Key Resistance levels: $0.000014

1. SHIB Crashes to New Lows

SHIB is back to bear market price levels after crypto markets experienced a massive liquidation event. Altcoins are in double-digit losses across the board, and this meme coin was not spared, crashing by a whopping 30% this week alone. The current support is at $0.000011.

2. Market Panics as Sellers Dominate

The selling volume exploded today, and the price was quick to follow. In the past nine days, Shiba Inu closed every daily candle in red. Hopefully, this massive crash will see a bounce soon, which could test the key resistance at $0.000014.

3. Bearish Momentum Accelerates

If we look at the daily MACD, we can see that the moving averages and histograms are making lower lows at an accelerated rate. This is an extremely bearish signal. Until this trend reverses, the price will continue to make new lows.

For more updates on the ecosystem, make sure to check out our Shibarium news .

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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