Shiba Inu (SHIB) is posting a mild rebound after yesterday’s decline of over 12%. At the time of publication, SHIB was changing at $0.000010, up 3.9% in the last 24 hours. The Shiba Inu Welly Burger joint has announced the Shiba Eternity Tournament to be hosted in the Welly Discord from Saturday. It says that prizes in SHIB are up for grabs. Barely one week after the SHIB CCG game Shiba Eternity was released, it has recorded downloads in the Google Play Store. After it was launched globally on both iOS and Android, the Shiba Eternity game has attained the milestone of over 100,000 downloads on Android. The rating of the game was 4.6, with 11,500 reviews from users. According to CoinMarketCap data, Shiba Inu ranks as the 15th largest cryptocurrency in terms of market capitalization.
Key Levels
Resistance Levels: $0.00001500, $0.00001300, $0.00001200
Support Levels: $0.00001000, $0.00000855, $0.00000713
SHIB/USD Daily ChartSellers of SHIB/USD now see the opportunity to further lower the price from the $0.00001075 daily high to the psychological support of $0.00001000 to buy low. The asset’s price recovered from a low of $0.00000925 to $0.00001081 the day before, and today’s trading is now bearish. This period of sustained bullish activity was followed by a bearish activity.
The trend for SHIB/USD is currently at levels that have not been breached in the past 3 weeks. The moving averages 5 and 13 were pushed lower in the last five days, cutting rebound momentum. However, the relative strength index (RSI) indicator is still hovering above the oversold region, indicating that SHIB/USD might experience a mild push toward the downside.
SHIB/USD 4-Hour ChartTechnically speaking, the SHIB/USD pair is in a downside range, but the price can break out of this by forming a pattern of high-low waves. SHIB price is retracing like other significant cryptocurrencies. If cryptocurrencies start to gain traction once more, this could be a positive development in the long run.
The 4-hour moving average (MA 50 and MA 200) at $0.00001060 and $0.00001120 respectively now act as existing levels of resistance, which might offer significant resistance. A 50% rebound higher is possible, but such a reversal is not always foreseen during strong consolidation or ranging trends.
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