Key Insights:
- On Friday, Shiba Inu Coin (SHIB) fell by 3%. A bearish session saw a fall to sub-$0.000010 levels before a partial recovery.
- Fears of a US recession, sentiment towards monetary policy, and news of the EU agreeing on a crypto regulatory framework weighed.
- Technical indicators flash red, with SHIB sitting below the 100-day EMA.
On Friday, Shiba Inu Coin (SHIB) fell by 3.00%. Reversing a 1.37% gain from Thursday, SHIB ended the day at $0.00001002.
A bullish start to the day saw SHIB rise to an early morning high of $0.00001058 before hitting reverse.
Coming up short of the First Major Resistance Level at $0.00001070, SHIB slid to a late morning low of $0.0000099 before finding support.
Finding support at the First Major Support Level at $0.0000098, SHIB ended the day at $0.00001002.
The Friday pullback saw SHIB align more closely with the broader crypto market. While bitcoin (BTC) and others fell for a sixth consecutive session, SHIB saw red for the third time in six sessions.
Coinbase Commerce Inclusion Delivers Continued
This week, Coinbase announced the inclusion of Shiba Inu Coin to the Coinbase Commerce platform, delivering support.
The news came off the back of Crypto.com announcing the removal of SHIB from the crypto exchange’s earn program earlier in the week.
Real world adoption trumped the Crypto.com announcement in the week.
Price Action
At the time of writing, SHIB was flat at $0.00001002.
A mixed start to the day saw SHIB rise to an early morning high of $0.00001008 before falling to a low of $0.00000987.
SHIB left the Major Support and Resistance Levels untested early on.
Technical Indicators
A move through the $0.00001020 pivot to target the First Major Resistance Level at $0.00001040 and the Friday high of $0.00001058.
Broader market sentiment would need to improve to support a return to $0.00001010.
An extended rally should test the Second Major Resistance Level at $0.00001080 and resistance at $0.00001100. The Third Major Resistance Level sits at $0.0000115.
Failure to move through the pivot would leave the First Major Support Level at $0.0000098 in play. Barring an extended sell-off throughout the day, SHIB should avoid the Second Major Support Level at $0.0000095.
The Third Major Resistance Level sits at $0.0000088.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. SHIB currently sits below the 100-day EMA at $0.00001010. This morning, the 50-day EMA narrowed to the 100-day EMA. The 50-day and the 100-day EMAs eased back from the 200-day EMA, price negative.
A move through the First Major Resistance Level at $0.0000104 would bring the 100-day EMA into play.
