- Shiba Inu (SHIB) is witnessing a slight selloff
- SHIB was changing hands at $0.00001195, down 5% in the next 24 hours
- Gate.io exchange has expanded support for Shiba Inu
Shiba Inu (SHIB), just like the rest of the market, is witnessing a slight selloff. At the time of publication, SHIb was changing hands at $0.00001195, down 5% in the next 24 hours. The general crypto market continues to be weighed down by macroeconomic concerns. The Gate.io exchange has expanded support for Shiba Inu with the SHIB “lend and loan.” Here, Shiba Inu holders will be able to lend their SHIB out and earn passive income. Gate.io exchange gives the daily interest rate as 0.01%. In other news, a mysterious Shiba Inu Whale has snapped up 3.37 trillion SHIB, or $42.76 million worth of Shiba Inu (SHIB) in a single transaction. Also, 102.11 million SHIB were burned in various transactions in the past 24 hours using the SHIB Burntracker. Bitmart exchange has also announced the listing of BONE as several exchanges continue to indicate support for the Shiba Inu governance token.
Key Levels
Resistance Levels: $0.00002050, $0.00001800, $0.00001300
Support Levels: $0.00001000, $0.00000855, $0.00000713
SHIB/USD Daily Chart: Ranging
SHIB/USD Daily Chart
Shiba Inu (SHIB) has fallen further, with losses recorded on the daily chart. The SHIB/USD pair is currently worth $0.00001195 and is down 5% on the day. Bears generate a strong negative signal, surging through support at $0.00001209, and things aren’t looking good for the meme cryptocurrency. A drop below this level on the daily chart indicates that there will be more downward pressure.
As short-term selling prevailed, bulls were unable to maintain their position above the previous support level of $0.00001300, which was previously a congested zone. On a psychological level, the sell-off might aim for the demand zone of $0.00001000. Its breach could lead to a long-term drop to $0.00000713. The $0.00001300 level is now a significant resistance level to be aware of.
SHIB/USD 4-Hour Chart: Ranging
SHIB/USD 4-Hour Chart
As SHIB/USD price approaches its 4-hour low, it remains under pressure. Following the Aug. 14 breakout above $0.00001300, price action has remained below the high, which also serves as resistance. The ongoing correction will put to the test how committed buyers are to keeping the rebound relevant. If the price rises above $0.00001209, the uptrend will continue.
The Relative Strength Index is seen on the lower time frame in a bearish market, attracting bargain hunters. However, before the bulls can expect a bounce to gain traction, they must retake $0.00001240 and the 4-hour moving average (MA 50). A bearish breakout would depress sentiment and bring losses closer to $0.00001100.
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