Tests Multi-week Lows Around $0.19; Hold or Exit?

Genesis-mining
Genesis-mining


SHIB price shows the strength in the downside momentum, as it continued with the downfall that begins in April. Despite the lower movement, the probability of falling more is bleak as the sellers sit near the multi-week support level.

SHIB Price continues to hover near a reliable support zone near $0.19.
The price remains pressured below the 24-day and 50-day EMAs on the daily chart.
A bounce back in SHIB holds a higher probability near the reliable bottoming formation.

As of publication time, SHIB/USD reads at $0.000019, down 1.48% for the day. As per Coinmarketcap, the trading volume in the past 24-hours stands at $613,058575.

SHIB price holds near the support zone

Source: Trading view

On the daily chart, the SHIB price is performing as per the broader crypto space. SHIB’s price does not remain immune to the wider crypto market meltdown. On Friday, the price hovers in a very tight range with the formation of a ‘Doji’ candlestick. The formation indicates indecision among investors.

Further, the price is depreciated nearly 78% from its record-highs. Now, SHIB trades near the lower levels tested in January and February. The support level extending from $0.000020 to $0.000024 proves to be vital demand zone extending the base for an uptrend.

A renewed buying pressure would result in a push-up in the price towards the 24-day ema (Exponential Moving Average) at $0.000022. As to continue further retracement investors should identify some prominent supply zone.

Source: Trading view

However, the downside risk contains below the session’s low. On the weekly chart, if the price slipped below $0.17 in that case the price would not be able to find any support filter before $0.000010.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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