SHIB Price Prediction: Improved Sentiment Brings $0.000011 into View
- On Friday, Shiba Inu Coin (SHIB) fell by 3%. A bearish session saw a fall to sub-$0.000010 levels before a partial recovery.
- Fears of a US recession, sentiment towards monetary policy, and news of the EU agreeing on a crypto regulatory framework weighed.
- Technical indicators flash red, with SHIB sitting below the 100-day EMA.
On Friday, Shiba Inu Coin (SHIB) fell by 3.00%. Reversing a 1.37% gain from Thursday, SHIB ended the day at $0.00001002.
A bullish start to the day saw SHIB rise to an early morning high of $0.00001058 before hitting reverse.
Coming up short of the First Major Resistance Level at $0.00001070, SHIB slid to a late morning low of $0.0000099 before finding support.
Finding support at the First Major Support Level at $0.0000098, SHIB ended the day at $0.00001002.
The Friday pullback saw SHIB align more closely with the broader crypto market. While bitcoin (BTC) and others fell for a sixth consecutive session, SHIB saw red for the third time in six sessions.
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At the time of writing, SHIB was flat at $0.00001002.
A mixed start to the day saw SHIB rise to an early morning high of $0.00001008 before falling to a low of $0.00000987.
SHIB left the Major Support and Resistance Levels untested early on.
A move through the $0.00001020 pivot to target the First Major Resistance Level at $0.00001040 and the Friday high of $0.00001058.
Broader market sentiment would need to improve to support a return to $0.00001010.
An extended rally should test the Second Major Resistance Level at $0.00001080 and resistance at $0.00001100. The Third Major Resistance Level sits at $0.0000115.
Failure to move through the pivot would leave the First Major Support Level at $0.0000098 in play. Barring an extended sell-off throughout the day, SHIB should avoid the Second Major Support Level at $0.0000095.
The Third Major Resistance Level sits at $0.0000088.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. SHIB currently sits below the 100-day EMA at $0.00001010. This morning, the 50-day EMA narrowed to the 100-day EMA. The 50-day and the 100-day EMAs eased back from the 200-day EMA, price negative.
A move through the First Major Resistance Level at $0.0000104 would bring the 100-day EMA into play.