SHIB/USD has some room to run to the upside.
#Shib coin watch plus
If upcoming US (and global) data this month indicates the toxic combination of a further build-up of inflationary pressures plus more weakening of growth, then macro (and crypto) risk appetite may continue to deteriorate, sending Shiba Inu towards this area. If it does eventually fall towards the summer 2021 lows around $0.000005, that would mark a more than 85% drop on the year. Since the start of the year, SHIB/USD has fallen by around 70%. The cryptocurrency has been locked within a downtrend since the beginning of 2022. Long-term technicals suggest that while there is room for a near-term rally, perhaps as high as resistance in the $0.000017 area, Shiba Inu’s trend remains bearish.
This level was (roughly) the top of Shiba Inu’s trading range during the summer of 2021. SHIB/USD pivoted on either side of a key long-term level of support just under $0.000010 last month. Over the past few days, the cryptocurrency has been consolidating between its 21 and 50-Day Moving Averages at $0.0000095 and $0.0000105 respectively. But the memecoin was at one point nearly 40% down on the month when it fell into the low-$0.000007s.Įqually, SHIB/USD was also at one point trading with monthly gains of about 4% when it rallied towards $0.000011. SHIB/USD ended the month with losses of just shy of 12% just above the $0.000010 level. June was an erratic month for the crypto community’s second favorite meme coin Shiba Inu. But if markets start believing that the Fed is going to start easing rates significantly in 2023 and beyond, risk assets could be in for a rally between now and the rest of the year. For now, worries about a potential recession are weighing on risk assets like crypto.
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