Even after the much-awaited Robinhood listing, SHIB has lost the majority of its recent gains. The surge that followed the news last week failed to keep SHIB’s price above the important barrier level of $0.000028.
SHIP has since fallen back to the critical support level of $0.000025, where it found a local bottom.
What to Expect Next?
After establishing a bull trap, Shiba Inu (SHIB) price fall below $0.00002600 as price action is rejected by the monthly pivot at $0.00002550.
Furthermore, the Relative Strength Index (RSI) is dropping below 50, indicating that investor interest is waning as traders prepare for the start of the new earnings quarter today.
FED statements this morning painted a potentially much more hawkish rate path for the foreseeable future.
This last one is crucial for determining risk appetite in the following weeks and months, and it is currently pushing SHIB’s price towards $0.00002200, resulting in a 12% loss.
As a result, the SHIB price will leak into today’s session and probably for the next few days. Expect investors to continue to withdraw funds from the SHIB price, resulting in a 12 percent decline to $0.00002200.
With the longer-term green ascending trend line, the monthly pivot S1 right below, and the double bottom from April 11 serve as a trifecta for catching price movement.
Expect a swift reversal in price movement if earnings before the US opening bell lead to a tsunami of positive news.
The RSI would rise above 50, attracting more buyers and investors, and setting the stage for the SHIB price to rise above $0.00002550.
With a daily close above that, the route to $0.00002800 will be laid in the future days, with an 11 percent gain.
At the time of writing, Shiba Inu is trading at $0.00002525 and has gained more than three percent in the last 24 hours.