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SHIBA INU PRICE ANALYSIS & PREDICTION (March 7) – Shib Nears Oversold Condition, Potential Retracement Underway
By Will Izuchukwu on March 8, 2025
Market Analysis
Shiba’s price movement has been relatively insignificant over the past week as the asset nears an oversold region on the daily chart. A surge from the current trading level should determine the next direction.
Shiba’s short-term structure appears overdue for a major retracement following a consistent decline in the past three months. However, things might get worse if the market continues to supply. Looking back, it has lost more than 60% since it initiated drops last December. While this puts the asset in an extreme oversold condition, it is now looking very weak on a daily scale.
Meanwhile, it took a short break in selling since the price bounced slightly from the $0.000012 level on Tuesday. The buying appeared stalled today following a 2% drop in the last 24 hours. That could restore selling pressure if the price continues to drop. If that happens, Shiba may wash the recent gains and break down to a new low. Such a setup could position the market in a more bearish state.
A push above the previous daily high could bring more increase. If the price surges higher, the asset may change trend to the upside. Right now, it is too early to consider a reversal, as Shiba remains bearish on the daily chart. A continuous price breakdown could cause serious bleeding in the future.
Shiba’s Key Levels To Watch
Source: Tradingview
Pushing above the $0.0000152 level could fuel more increases in the coming days. The next crucial level to watch is $0.0000173, followed by $0.000019. The $0.0000116 level still provides support. If the price cracks below it, the next drop may reach the important $0.00001 level and perhaps $0.000009 in the future.
Key Resistance Levels: $0.0000152, $0.0000173, $0.000019
Key Support Levels: $0.0000116, $0.00001, $0.000009
Spot Price: $0.0000134
