Shiba Inu tried for $0.00001000 but fell short at $0.00000930.
Following the release of the FED minutes on Wednesday, the general market became risk-off.
SHIB is seeking for support around $0.00000769, which might be a good entry point for buyers.
Markets had a rough day yesterday, with all major indices falling for the second day in a row following the release of the FED minutes on Wednesday, and the instability for Shiba Inu appears to be continuing.
Markets fell on concerns about the reflation trade, with safe haven assets such as gold and silver rising and riskier assets such as equities and cryptocurrencies falling.
Despite today’s minor resumption of risk-on in the markets, Shiba Inu is lagging behind the other major cryptocurrency pairs.
SHIB has been on a two-week negative trend that began on July 6 and ended on July 9, when it reached a low of $0.0000769. SHIB has the 200 four-hour Simple Moving Average (SMA) backing the price action, thus that level is justified. SHIB believes that the 200 four-hour SMA played a similar influence in June.
Shiba Inu has a blue zone between $0.00000751 and $0.00000769, just beneath the 200 four-hour SMA, where buyers will swarm as SHIB has some support from the end of June. Shiba Inu’s RSI is now flirting with the 30-level, indicating that it is oversold.
As a result, there is a lot of pressure on purchasers to get a Shiba Inu.
4-hour chart of SHIB/USD
Shiba Inu appears to be headed for a higher break. To overcome the negative influence of the downward trend line and the negative spiral in which cryptocurrencies have been stuck for the past few days, it must first dip lower to attract additional buyers.
Shiba Inu sees the pivot of $0.00000827 as the initial price target on the upswing. Even $0.00000849 looks potential if SHIB gets a whole risk-on phase.
On the downside, look for $0.00000700 as a psychological level for the conclusion of any additional short-selling action, which it did on June 19./n
