As the leading cryptocurrency Bitcoin finds strong support at $25,000, the prominent altcoin is beginning to face demand pressure. As a result, the dog-themed memecoin fell sharply back to $0.0000074 levels, triggering a minor correction. However, with the overall negative market trend intact, will SHIB price remain at $0.000007?
$0.000007 Bullish Reversal Opportunity
- SHIB price below daily EMAS (20, 50, 100 and 200) adds to the overall downward trend.
- Technical charts reflect reversal opportunity at $0.000007Near community+V:FGF072
- Shiba Inu Coin has an intraday trading volume of $94 million, up 5.7%.
Within one month,Shiba Inu price suffered a sharp sell-off. From its last swing high of $0.00001136, memecoin’s market capitalization lost 35.6% to a low of $0.0000075. Near community+V:FGF072
Currently, price action is experiencing a slight pullback in a downtrend as the broader market faces demand pressure. A rise could revive exhausted selling pressure and resume the downtrend line.
As of press time, the price of SHIB was reported at $0.000000765, with an intraday increase of 0.13%. However, the long upper shadow rejection candle indicates overhead supply pressure. With the ongoing sell-off, the coin price is expected to touch the demand zone between $0.00000725 and $0.000007. Near community+V:FGF072
However, the price decline was associated with lower trading volume, indicating weak bearish momentum. As a result, token traders may see demand pressure at the $0.000007 mark, leading to a potential rally. Near community+V:FGF072
Should you buy SHIB at $0.000007?
Shiba Inu price is currently hovering near the key support level at $0.000007. While this level is expected to bring heavy buying pressure, the technical charts paint a broader bearish outlook, characterized byFalling Wedge Pattern。 This pattern is characterized by the token’s price fluctuating between two narrowing trend lines.
Even if Shiba Inu enthusiasts push for a rebound from this support, a true bullish turn would require a break above the upper trendline. This breakout will push the memecoin past the $0.00001 mark. Near community +V:FGF072
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