Why Did Shiba Inu (SHIB) Price Drop Today?
Despite an attempt to reach higher levels in early June, the momentum shifted in favor of the sellers.
Key Support levels: $0.000018
Key Resistance levels: $0.000025
1. SHIB Loses Key Level
Market participants were hoping that SHIB could hold the $0.000025 level as a key support that could send the price to new highs. Unfortunately this was short lived. Sellers took back control of the price movement and turned this level into a significant resistance.
Chart by TradingView
2. Bulls are on the defensive
With the $0.000025 level being lost to the sellers, the bulls have no choice but to retreat to the next key level, $0.000018, which is currently acting as support. Price action is also in a downward trend and recorded lower lows last week.
Chart by TradingView
3. Bearish Momentum Is Increasing
June may have started on an optimistic note, but it soon turned around as momentum shifted to the bearish side. This can also be seen on the weekly MACD. The histogram is making lower lows and the moving averages are currently in freefall. Watch for key support at $0.000018, which may try to stop this sell-off.
Chart by TradingView
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Cryptocurrency charts from TradingView.
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