Why is the Shiba Inu (SHIB) Price Down Today?

Despite an attempt at making higher highs in early June, momentum has shifted in favour of sellers.

Key Support levels: $0.000018

Key Resistance levels: $0.000025  

1. SHIB Loses Key Level

Market participants were hoping SHIB can hold the $0.000025 level as a key support that can send the price to new highs. Unfortunately, this was short-lived. Sellers took back control of the price action and turned this level into a key resistance.

SHIBUSDT_2024-06-11_14-50-19
Chart by TradingView

2. Bulls on the Defensive

With the $0.000025 level lost to sellers, bulls had no option but to retreat to the next key level at $0.000018 which is currently acting as support. The price action is also bearish and has been making lower lows in the past week.

SHIBUSDT_2024-06-11_14-50-41
Chart by TradingView

3. Bearish Momentum Picking Up

June may have started on an optimistic note, but it soon turned around as momentum shifted bearish. This can also be seen on the weekly MACD. The histogram is making lower lows and the moving averages are in a free fall right now. Watch the key support at $0.000018 which could attempt to stop this sell-off.

SHIBUSDT_2024-06-11_14-51-52
Chart by TradingView

The post Why is the Shiba Inu (SHIB) Price Down Today? appeared first on CryptoPotato.

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