Market Analysis

SHIBA INU PRICE ANALYSIS & PREDICTION (June 17) – Shiba Slowly Resets to Local Bottom Amid Rising Supply, Where Next?

Shiba Inu and many top meme coins have suffered more losses in the past weeks as Bitcoin draws back from its recent all-time high. The price appears weak daily as it slowly resets to the bottom amid rising supply.

The recent market bleeding has pulled most top meme coins back to their bottoms, along with Shiba Inu, which is now approaching its previous low in a fresh leg down. Although Bitcoin remains strongly bullish on the monthly scale, as it stays above the $100k benchmark.

This came as a result of an increasing supply in the past month, and as we can see on the daily chart, it has shown no sign of slowing down at the time of writing. Following last month’s sell from the $0.00000136 level, which is now marked as a key resistance, Shib looks poised for a bigger drop after rejecting the $0.00000123 level yesterday.

April’s low is expected to hold the selling in the next few days. If that happens, we can anticipate a small recovery before deciding where to head next. Should the bulls take advantage of the recovery, we may see a strong bounce back with a double-bottom pattern daily.

Inversely, a crack below the April low could cause a catastrophic crash to a new yearly low before finding a strong support level for a recovery.

Shiba’s Key Levels To Watch

Source: Tradingview

Right now, the bears aim to reclaim the low of $0.0000103, marked as the current yearly support in April. Losing it could crash the price to the $0.000007 and $0.000005 levels in the coming months.

If April low holds well, with a strong recovery, Shiba could retest the $0.0000136 resistance created last week. Higher resistance levels to keep in mind for more recoveries are $0.000016 and $0.0000176.

Key Resistance Levels: $0.0000136, $0.000016, $0.0000176

Key Support Levels: $0.0000103, $0.000007, $0.000005

  • Spot Price: $0.0000116
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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