The Shiba Inu coin price experienced a severe sell-off last weekend, causing a substantial decline on June 10th. During this time, the price broke through critical support levels at $0.00000783 and $0.0000072, reaching a two-year low of $0.00000543. Despite the breakdown amplifying the overall bearish sentiment for this memecoin, the daily low suggests that the SHIB price is unlikely to fall below this point. This occurred alongside Registered Crypto Exchange listing the Shiba Inu ecosystem’s BONE token.
The long-tail rejection at the $0.0000056 support level indicates that buyers are actively defending this point. A potential upswing in the SHIB price could result in a temporary recovery of 20%. Thus far, the intraday trading volume for the Shiba Inu coin sits at $120.5 million—a 68% decline.
On June 10th, buyers promptly countered the aggressive selling, managing to recover day-long losses. This long-tail rejection signifies that buyers are accumulating at this discounted price and predicting a suitable level for the price to increase. By press time, the SHIB coin traded at $0.00000665, with another long-tail rejection candle indicating persistent buying pressure. If the bullish momentum continues, the coin price may experience a minor relief rally, retesting the breached support levels of $0.0000072 and $0.00000783 as potential resistance.
However, if sellers continue to hold strong at those resistance levels, the Shiba price could remain in a downtrend or consolidation for the remaining days of June. On an optimistic note, the Shiba Inu coin displays a downward-sloping trendline, which may signal a steady downtrend over the past four months. If the coin’s price shows a significant recovery in the coming days, long-term recovery conviction for buyers could improve if the prices break the overhead trendline. A breakout above the trendline could boost buying momentum and surpass $0.000008.
The Vortex Indicator (VI) shows a widening gap as the VI- slope moves upward above the V+, suggesting a well-established downtrend. Additionally, the Bollinger Band (BB) indicator challenges the downside, another sign of intense selling pressure. This instability may result in a quick rebound in the near future.
The aforementioned content includes the personal opinion of the author, and market conditions should be a factor before making any cryptocurrency investments. The author and publication do not assume responsibility for any personal financial loss.
Source: Coingape
