Shiba Inu (SHIB) declined alongside the wider cryptocurrency market as Poor macroeconomic sentiment and increasing fears of a recession in the West laid the backdrop for cryptocurrencies. In the past 24 hours, several major tokens taking hits of up to 8% while losing a part of their market capitalization. At the time of publication, SHIB trades at $0.0002505, down 2.82% in the last 24 hours. As reported by WhaleStats, an ETH whale called “Bombur” ranked 20 has just bought 50,520,317,707 SHIB or $1,241,789 worth. Shiba Inu received a ton of attention after the long-awaited listing on the Robinhood trading platform. In addition to the rise in social volume, large traders have purchased a significant amount of tokens. Due to this, SHIB has preserved its weekly gains, up 6.10% in the past 7 days.
Key Levels
Resistance Levels: $0.00003535, $0.00003250, $0.00002740
Support Levels: $0.00002300, $0.00002185, $0.00002071
SHIB/USD Daily ChartOn Monday, SHIB fell marginally t0 $0.00002364, but so far it has rebounded to $0.00002537. The technical indicators continue to indicate market caution, with the relative strength index (RSI) flattening in a ranging territory. If buyers can keep the price above the consolidation floor around the MA 50 at $0.00002475, a new upside barrier at $0.00002740 may appear.
Alternatively, if sellers find resistance off the MA 50 at $0.00002542, significant bearish momentum could arise. If the price can break through the $0.00002740 barrier, it will be on its way to the $0.00003532 yearly high. If the rally continues, the bulls could target first the $0.00003250 range before attempting a retest of the yearly highs at $0.00003532.
SHIB/USD 4-Hour ChartAt above $0.00002500, SHIB is trapped in a consolidation range below the MA 50. The immediate hurdle at $0.00002542 is currently restricting the upside. A further move higher could encounter the $0.00002600 resistance zone before the bears return to drop the pair even more to the $0.00002185 level, which they reached on April 11.
A significant barrier supplied by 4-hour MA 50 at ($0.00002530), on the other hand, keeps the upside constrained, with a break here towards the $0.00002740. It is required to provide a stronger resistance for a possible correction lower. To summarize, since prices continue below the 4-hour moving averages, the analysis remains neutral to negative.
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