Shiba Inu (SHIB/USD) Enters Oversold Zone – Ready for a Sell Stop?
The SHIB/USD coin pair extended its previous long bearish performance and remained in the bearish zone near below the $0.000006 level
Arslan Butt•Tuesday, July 20, 2021•2 min read
The SHIB/USD coin pair extended its persistent bearish performance, remaining in the bearish zone below the $0.000006 level. The downfall in the SHIB coin could continue, as all the major altcoins in the crypto market are also falling. Shiba initially gained colossal attention and appeared to be one of the favorite choices of investors, but this may not be enough to limit deeper losses in the SHIB.
At the moment, Shiba Inu is consolidating within a narrow range between $0.00000619 and $0.0000054, and trying to break the resistance level. The SHIBA INU is trading near $0.00000593, with a 24-hour trading volume of $345,649,954. SHIBA INU has dropped by 9.66% in the past twenty-four hours.
Recent Crash in Crypto Space Drags Shiba Inu Down to $0.0000059
Shiba Inu’s current price of $0.00000592 is down by over 83% from its May 11 high of $0.00003641. It is worth recalling that the price of Shiba Inu climbed around 3,000% in only a few days in early May, boosted by the roaring bullish crypto market and Musk’s support. However, the support was short-lived, as the recent price crashes in the crypto market have had a long-term bearish impact on the investors.
Shiba Inu Under Pressure on the Back of Stronger US Dollar
The upticks in the US dollar were also seen as one of the key factors that kept the SHIB/USD coin pair under pressure. The broad-based US dollar maintained its upward rally of the previous day, taking some further bids near its highest levels in months on the day.
The greenback has hit its highest level against its major peers in over three months, as the mounting wave of COVID-19 cases globally has raised doubts over the sustainability of the global recovery. Thus, the upticks in the US dollar were seen as one of the key factors that kept the SHIB/USD prices under pressure.
SHIB/USD Technical Outlook – Can SHIB Drop to $0.0000054?
On the technical front, the SHIB/USD coin is trading with a solid bearish bias at the 0.0000059 level. Recently, the coin disrupted the support level of 0.0000061. For now, the SHIB/USD is entering the oversold zone, and the odds of a bullish correction remain high. On the higher side, the SHIB/USD coin could retrace back towards a resistance level of 0.00000619.
After this, the odds of a selling trend will remain high, below 0.00000619, until the support level of 0.00000548. The MACD and RSI are holding in an oversold zone, supporting chances of a bullish correction. Let’s look for a sell position below 0.0000060 today.
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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