SHIB price (Shiba Inu) is struggling below the $0.000008 resistance against the US Dollar. If the Shiba Inu price stabilizes atAbove $0.000008, a recovery wave could begin. Near community +V:JQSQ8886
- Shiba Inu price extends losses, testing $0.0000074 zone against the US Dollar.
- The price is currently below $0.000008 and the 100 simple moving average (4-hourly).
- There is a key bearish trend line with resistance near $0.0000077 on the 4-hours chart of the SHIB/USD pair (Data source from Kraken).
- A break above the $0.0000078 and $0.0000080 levels could initiate a recovery wave for the pair. Near community +V:JQSQ8886
SHIB prices face tough task
Over the past few days, SHIB price has steadily declined below $0.0000088. The bears were able to push the price below the key support at $0.0000080.
Finally, the Shiba Inu found support near the $0.0000074 area. Having formed a low near $0.00000739, the price is now attempting a recovery wave likeBitcoin and Ethereum Same. It is currently consolidating around the 23.6% Fib retracement of the downward move from the swing high of $0.00000845 to the low of $0.00000739. Near community +V:JQSQ8886
However, SHIB price is below $0.000008 and the 100 simple moving average (4-hours). Additionally, there is a key bearish trend line forming with resistance near $0.0000077 on the 4-hours chart of the SHIB/USD pair. Near community +V:JQSQ8886
On the bright side, bears are protecting the $0.0000077 level and trendline. The next major resistance level is near the $0.0000078 level, which is the 50% Fib retracement level of the downward move from the $0.00000845 swing high to $0.00000739 low.
Major resistance is currently forming near $0.0000080. A close above the $0.0000080 level could push the price towards the $0.0000088 level. Any more upside could push the price towards the $0.0000092 level. Near community +V:JQSQ8886
Shiba Inu loses more?
If Shiba Inu price fails to break above the $0.0000078 resistance, another decline could begin. Initial support on the downside is near the $0.0000075 level. Near community +V:JQSQ8886
The first major support is located near the $0.0000074 level. The next major support is near $0.0000072. If the $0.0000072 support is broken on the downside, further declines towards the $0.0000070 area are likely. Near community +V:JQSQ8886
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