SHIB Tests Resistance Level and Hovers Above Key Support Level
2022.06.01 16:51
SHIB Tests Resistance Level and Hovers Above Key Support Level
- Shiba Inu’s (SHIB) price posted a loss of 1.76% in the last 24 hours.
- SHIB has risen above its low level of $0.00001148 and attempted to rise above the next resistance level of $0.00001250.
- A descending triangle may be beginning to form on the SHIB/USD 6-hour chart.
Shiba Inu’s (SHIB) price posted a loss of 1.76% in the last 24 hours, taking its price down to $0.00001164, according to CoinMarketCap. SHIB’s price is, however, up slightly over the last 7 days and has risen 0.25% in the last week.
The price of SHIB is closer to its 24-hour low of $0.00001154, with its high currently around $0.00001195. Its price has also weakened against Bitcoin (BTC) by 1.56%. However, SHIB has strengthened against Ethereum (ETH) by around 0.23% at the time of writing (10:00 AM GMT +2). At the moment, SHIB is worth approximately 0.00000000037 BTC and 0.000000006029 ETH.
Ranked number 16 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SHIB’s market cap currently stands at $6,397,574,358. The daily trading volume of SHIB has seen a slight decrease in the last day, dropping by around 37.79%. This takes the total 24-hour trading volume to $385,384,004.
SHIB rises above low level (Source: TradingView)
Looking at the 6-hour chart, SHIB has risen above its low level of $0.00001148 and attempted to rise above the next resistance level of $0.00001250. However, the price fell back down to $0.00001164 after the previous test of the level.
Another thing to note is that a descending triangle may be beginning to form on the SHIB/USD 6-hour chart. If SHIB posts another lower high in the coming 6-18 hours then we could see SHIB drop below the $0.00001148 level.
Continue reading on CoinQuora
