• Shiba Inu (SHIB) has been under bearish pressure and price has dropped from its recent 2023 high of $0.00001590 to trade at $0.00001235.
• SHIB recently listed on BinanceUS, however investors were left disappointed with the response to this exposure.
• Currently, Shiba Inu is protected by a seller congestion zone in the lower yellow band, with support provided by the lower ascending trend line and 50-day Exponential Moving Average (EMA).
Overview of Shiba Inu Price
Shiba Inu (SHIB) has been under bearish pressure and price has dropped from its recent 2023 high of $0.00001590 to trade at $0.00001235 as regulatory pressure bites. The second most popular meme coin is now trading on BinanceUS, a subsidiary of Binance.com, but investors have yet to respond positively to this exposure so far.
Support for SHIB Price
Currently, Shiba Inu is protected by a seller congestion zone in the lower yellow band, with support provided by the lower ascending trend line and 50-day Exponential Moving Average (EMA). Additionally, the Stochastic oscillator is close to the oversold region which suggests that the pullback may be coming to an end soon.
Investors should be ready to buy and take advantage of potential upside if support at $0.000012 continues to stay firm as it could signal a trend reversal in coming days for SHIB price recovery. However, a decreasing 24-hour trading volume implies that fund outflows are overwhelming inflows which could indicate further downside risk for Shiba Inu price before any potential bounce back occurs..
Cryptocurrencies are known for their volatility which adds uncertainty when predicting future prices or movements in assets such as SHIB token which makes them highly risky investments with no guarantees of returns or profits being made from buying or holding them over time periods such as short term or long term investing strategies.
Shiba Inu’s listing on BinanceUS may not have had an immediate positive impact on its price but there are signs that suggest it may recover if support at $0.000012 remains firm in coming days ahead given current technical indicators present within SHIB’s market structure right now. While caution should always be taken when dealing with crypto assets due their extreme volatility levels it might still be worthwhile assessing whether such opportunities exist going forward into 2023 and beyond depending on individual investor goals and risk appetite profiles associated with each specific digital asset investment decision being made by traders or investors alike