Shiba

Resistance

Shiba Inu

<p style="text-align: left;">SHIB is experiencing a sharp pullback, but on the weekly chart it remains in green.</p> 
<p><strong>Key Support levels: $0.000014</strong></p> 
<p><strong>Key Resistance levels: $0.000020</strong></p> 
<h2 id="1-shib-pullback-in-progress">1. SHIB Pullback in Progress</h2> 
<p>After a strong performance last week, SHIB is experiencing a pullback. While this drop is significant, the chart still shows a 7% price increase over the past seven days. Ideally, buyers will return soon to help SHIB make a higher low.</p> 
<figure id="attachment_363861" aria-describedby="caption-attachment-363861" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-34.png" data-wpel-link="internal"></a>
 <figcaption id="caption-attachment-363861" class="wp-caption-text">
  Chart by TradingView
 </figcaption>
</figure> 
<h2 id="2-uptrend-remains-intact">2. Uptrend Remains Intact</h2> 
<p>With good support at $0.000014, SHIB has a chance to continue higher later on. The biggest challenge is the resistance at $0.000020. This level was tested at the end of September, but bears stood firm there during this first attempt at a breakout.</p> 
<figure id="attachment_363860" aria-describedby="caption-attachment-363860" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57.png" data-wpel-link="internal"><img class="size-full wp-image-363860" src="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57.png" alt="SHIBUSDT_2024-10-02_18-44-57" width="2425" height="1190" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57.png 2425w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-300x147.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-1024x502.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-768x377.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-1536x754.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-2048x1005.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-44-57-50x25.png 50w" sizes="(max-width: 2425px) 100vw, 2425px"></a>
 <figcaption id="caption-attachment-363860" class="wp-caption-text">
  Chart by TradingView
 </figcaption>
</figure> 
<h2 id="3-sellers-dominated-this-week">3. Sellers Dominated This Week</h2> 
<p>If we look at the daily volume, we can see that sellers dominated in four out of the past seven days. The good news is that the bulk of the selling pressure may be behind us, and SHIB can start to form a base from which it can aim again at the current resistance. A second test at $0.000020 could see the price break above it.</p> 
<figure id="attachment_363859" aria-describedby="caption-attachment-363859" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54.png" data-wpel-link="internal"><img class="size-full wp-image-363859" src="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54.png" alt="SHIBUSDT_2024-10-02_18-45-54" width="2424" height="1190" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54.png 2424w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-300x147.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-1024x503.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-768x377.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-1536x754.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-2048x1005.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBUSDT_2024-10-02_18-45-54-50x25.png 50w" sizes="(max-width: 2424px) 100vw, 2424px"></a>
 <figcaption id="caption-attachment-363859" class="wp-caption-text">
  Chart by TradingView
 </figcaption>
</figure> 
<p>For more updates on the ecosystem, make sure to check out our <a href="https://cryptopotato.com/shibarium-news/" data-wpel-link="internal">Shibarium news</a>.</p> 
<p>The post <a href="https://cryptopotato.com/the-reason-behind-shiba-inu-shib-price-plummet-today-analysis/" rel="nofollow">The Reason Behind Shiba Inu (SHIB) Price Plummet Today: Analysis</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

The Reason Behind Shiba Inu (SHIB) Price Plummet Today: Analysis

Table of Contents

CryptoPotato_News

Other articles published on Oct 2, 2024

Middle East Tensions: Bitcoin Descends But Gold and Oil Rise

Binance Secures Regulatory Approval in Argentina, Offering Full Crypto Services to Local Users

New ride-hailing app, Drop promise to priotise drivers’ welfare: offers 10% commission and users ...

Top 5 Altcoins to Buy Now in October 2024 for Swift 2500% Returns

ComplyCube Powers GRVT’s Secure, Self-Custodial, and Compliant Derivatives Exchange Onboarding fo...

Market Reactions Shift as Fed and FTX Act

Join our free newsletter for daily crypto updates!