On Wednesday, Shiba Inu (SHIB) faced a decline of approximately 5%, causing the meme coin to hit a one-week low during the day’s trading session. Recent days have seen increased market uncertainty due to the news of Prime Trust being placed into receivership, along with traders’ heightened nerves ahead of Federal Reserve Chair Jerome Powell’s latest speech.
Shiba Inu (SHIB)
Today, Shiba Inu (SHIB) recorded a decline of nearly 5% as traders reacted to various macro-economic developments. Following its peak at $0.000007668 on Tuesday, SHIB/USD dropped to an intraday low of $0.000007261 earlier in the day. This downward movement has contributed to a slight increase in bearish sentiment, with short sellers now targeting a support level around $0.00000640.
The daily chart for SHIB/USD reveals that the coin has fallen for three out of the last six days, leading to its relative strength index (RSI) reaching a current low of 41.89. Consequently, the index has fallen below a support level at 46.00 and appears to be heading towards a lower floor at 40.00. If it reaches this point, there is a strong possibility that the meme coin will be trading below the $0.00000700 mark.
Apart from SHIB, Polygon (MATIC) also experienced a slight decline on Wednesday, reaching a one-week low. MATIC/USD hit a bottom of $0.6293 earlier in the day, following its peak at $0.6713 on Tuesday. This price drop has brought Polygon to its lowest point since June 20, when it reached a low of $0.5913.
Analyzing the daily chart, we observe that this decline occurred despite momentum showing a bullish trend, with the 10-day moving average (red) approaching a potential upward cross with its 25-day counterpart (blue). Furthermore, the strength of the price has dropped below a support level at 39.00 and currently stands at 38.63.
If MATIC continues to decline, bears are likely to aim for a support zone at $0.580.
Frequently Asked Questions (FAQs) about cryptocurrency market
What caused the decline in SHIB and MATIC prices?
The decline in SHIB and MATIC prices can be attributed to several factors. Market uncertainty, heightened by the news of Prime Trust being placed into receivership, played a role. Additionally, traders’ nerves increased ahead of Federal Reserve Chair Jerome Powell’s latest speech, which contributed to the decline in prices.
How much did SHIB and MATIC drop in value?
SHIB experienced a drop of approximately 5% in value, while MATIC also edged lower, reaching a one-week low. SHIB/USD dropped from a peak of $0.000007668 to an intraday low of $0.000007261. MATIC/USD bottomed out at $0.6293, following its peak at $0.6713.
What are the support levels to watch for SHIB and MATIC?
For SHIB, the support level to watch is around $0.00000640, as short sellers are targeting this floor. In the case of MATIC, if the decline continues, the upcoming support zone to monitor is at $0.580.
Will SHIB and MATIC prices continue to fall?
The future direction of SHIB and MATIC prices is uncertain. It depends on various market factors, including investor sentiment, macro-economic developments, and the outcome of Jerome Powell’s speech. Traders and investors should closely monitor the market conditions and price movements to make informed decisions.
More about cryptocurrency market
- Prime Trust
- Federal Reserve
- Shiba Inu (SHIB) CoinMarketCap
- Polygon (MATIC) CoinMarketCap
- Jerome Powell Speeches