Shiba Inu (SHIB) is experiencing volatile fluctuations reflecting the overall sentiment of the altcoin market. Let's examine the current price levels and potential trends.
Hourly Chart Price Analysis
On the hourly chart, SHIB price recently hit a low of $0.00001260 and slightly rebounded, forming a potential double-bottom pattern just above key support. The current price action is hovering around the 20-hour SMA, which is slightly below $0.00001285. A decisive close above this moving average would be the first sign of a short-term bullish reversal.
Daily Chart Price Analysis
Zooming out to the daily chart, the broader picture looks more bearish than bullish. SHIB price has been on a steady downtrend since May, failing to break past the 50-day SMA near $0.00001391. If this support cracks, Shiba Inu price could decline towards the next major horizontal support near $0.00001150.
Current Risk and Profit Levels
The upside potential from the current price ($0.00001281) to resistance at $0.00001391 suggests an 8.58% gain. However, the downside risk to support at $0.00001150 represents a 10.23% loss. This makes the current risk-reward ratio slightly unfavorable unless Shiba Inu price convincingly breaks $0.00001330.
The price of Shiba Inu is caught between weakening bearish pressure and a potential bullish breakout. Key levels to watch are $0.00001330 and $0.00001291.
