Despite the weekly gains in the last week, the Shiba Inu price is expected to be lower than at the start of the week. Although most cryptocurrencies crashed and reached lower lows than last week, Shiba Inu has pulled away from the bearish cap.
Considering the current market status, we can expect bulls to strike at any moment and take Shiba Inu to a higher price. However, for now, we can expect the bears to make their presence felt by taking the price down.
The sentiments towards Shiba Inu will be positive in the upcoming summer weeks, but for now, the bears are pushing the price down. Shiba Inu’s price action strives to move over the 55-day SMA (Simple Moving Average). But it seems like the watchdogs want to keep the downward trends in play.
Although the bulls did try to maintain a stranglehold so that the bears could be pushed out, they were unsuccessful in their attempts. In July, the SHIB price could still go down below the monthly pivot of $0.00000984 and close at roughly the same price on Sunday.
$0.00000800 is expected to be the S1 support level. And, as the pivots of July are bunched, support and resistance will bring a halt to the price action. But this means that SHIB will build up some momentum, so there will be a breakout and the Shiba Inu price moves up.
However, there is still a possible risk of the Shiba Inu price going down below $0.00000507.
If the weekly close is 55-day SMA, it could change the whole game and dismantle the downtrend that Shiba Inu is experiencing. Hopefully, we will see a SHIB rally in July that will take the price past $0.00001708. And this would mean that whales who bought SHIB a few weeks back will look at a nice 110% profit.