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The widespread selling continues in the cryptocurrency markets on Friday as bears pressed harder. The majority of crypto assets including Shiba Inu (SHIB) are trading down on a 24-hour basis. At the time of writing, SHIB was exchanging hands at $0.00000696, down 7.87% in the last 24 hours. SHIB has a present market valuation of $2.72 billion with $322 million in traded volume over the last 24 hours. SHIB is now an accepted payment method for NFTs on OpenSea. Meanwhile, users can also sell their own NFTs and earn more SHIB as well. This may suggest a growing utility and acceptance as OPENSEA remains one of the largest NFT sales platforms. SHIB is also seeing developmental changes, first of these is a reduction per block of the protocol’s governance token, Bone from 90 to 80, and the introduction of new reward distributions to its Shiba Swap decentralized exchange.
Key Levels
Resistance Levels: $0.00001500, $0.00001000, $0.00000800
Support Levels: $0.00000700, $0.00000600, $0.00000550
SHIB/USD Daily Chart: Ranging
SHIB/USD Daily Chart
SHIB is trading within a narrow range around the daily MA 50 (currently at $0.00000716) in early Friday’s trading, as bears were unable to plunge SHIB price beneath the $0.00000682 mark. SHIB is currently eying a rebound, as it managed to hold slightly below the MA 50. A successful bounce above the MA 50 could send the price up towards the $0.00000933 high, a challenging point since June.
The bulls will need to clear this barrier to push the rally towards the $0.00001208 and the $0.00002 range. On the downside, initial support remains around $0.00000682, a break of which could see the price slipping towards the $0.00000559- $0.00000629 range from where the bulls could step in.
SHIB/USD 4-hour Chart: Ranging
SHIB/USD 4-Hour Chart
SHIB came under severe selling pressure just like other digital assets, slumping below the 4 hour moving averages of 50 and 200. However, it is presently trying to recoup its losses and climb back above the MA 200 at $0.00000730. The oversold RSI indicates the potential of a likely relief rally. That said, if the price manages to pierce above the MA 200 at $0.00000730, it could attempt to pierce the $0.00000774 level, to breach the MA 50 at $0.00000794 on the way up.
If efforts prove successful, positive momentum may run up to $0.00000888, while higher all attention will turn to the $0.00000948 handle. Alternatively, SHIB price needs to close clearly below the MA 200 and more importantly below the $0.00000682 to motivate additional selling towards the $0.00000619-$0.00000625 area. In summary, a move below $0.00000682 or above $0.00000948 could indicate the next price course.
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