Shiba Inu (SHIB) Drops 5% Amidst Macro-Economic News, Is $0.00000640 the New Floor?

By Benito Cormi Jun 28, 202377Views

The cryptocurrency Shiba Inu (SHIB) experienced a significant drop of nearly 5% in today’s trading session. This decline comes after reaching a peak on Tuesday and hitting an intraday low earlier in the day. The bearish sentiment has increased, with short sellers now focusing on a support level at $0.00000640. SHIB has fallen for three out of the last six days, causing its relative strength index (RSI) to reach a low point. If the RSI falls to 40.00, there is a possibility that SHIB will trade below the $0.00000700 mark.

Similarly, Polygon (MATIC) also saw a decrease in price, reaching a one-week low. The drop in prices resulted in Polygon falling to its lowest point since June 20. Despite momentum appearing bullish, with the 10-day moving average nearing an upwards cross with its 25-day counterpart, the price strength has fallen below a support level. If MATIC continues to decline, it may target a support zone at $0.580.

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Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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