The cryptocurrency market is abuzz with speculation about the potential for Shiba Inu (SHIB) to reach $0.0001 this June as highlighted by $SHIB KNIGHT, an analyst. The price of SHIB stands at $0.00002494 at press time, with a recent increase indicating an upward trend.
Historically, SHIB experienced a dramatic spike followed by a steep decline. Since then, the price has stabilized, showing minor fluctuations and a period of consolidation. The lowest support level observed on the chart is around $0.00000001, serving as a long-term safety net. More immediately, support is found near the current price of $0.00002494, where the price has seen some consolidation and minor upward movement.
On the resistance side, the immediate level to watch is $0.00002495. If SHIB can break through this level, it could pave the way for further gains. A significant resistance level is marked by the green arrow at $0.00010001, which represents a major price target and psychological barrier for many traders. Intermediate resistance levels at $0.00005000 and $0.00001500 also warrant attention, as historical price action has shown reactions around these levels.
Shiba Inu Community Commemorates 3rd Anniversary of Buterin’s 410T SHIB BurnThe recent positive price movement and the upward arrow suggest a bullish outlook, with some traders targeting a rise to $0.00010001. This optimism is fueled by the recent 1.24% increase in SHIB’s price over the last 24 hours, with a 24-hour trading volume of $472,126,571.
If SHIB fails to break the immediate resistance at $0.00002495, it might retest lower support levels. A significant drop below the current support level could lead to further declines, testing historical supports.
The 1-day Relative Strength Index (RSI) reads 50.91, suggesting a period of consolidation after recent price movements. The 1-day Chaikin Money Flow (CMF) reads -0.02, indicating some selling pressure in the market, though not strong enough to significantly impact the price.
