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SHIB price forecast: Shiba Inu hits a two-month low; will it dip lower?
- SHIB, the native coin of the Shiba Inu ecosystem, has hit a two-month low and dropped to the 19th place in the market.
- The coin might dip lower to the $0.00001030 support level if current market conditions persist.
- SHIB's decline is attributed to broader crypto market losses and U.S. stock market weakness.
- A massive sell-off occurred after SHIB failed to break the $0.00001230 resistance level.
- Market analysts suggest SHIB's performance is influenced by global economic factors and trade disputes, leading to increased volatility.
- Yesterday's decline was linked to President Trump's remarks regarding Iran, intensifying tension and impacting market sentiment.
- SHIB's technical indicators are bearish, with RSI at 39, indicating an oversold condition.
- The MACD in the negative zone suggests bears are currently in control of the market.
- SHIB could potentially test the $0.00001030 support level in the near future, marking a significant low since early April.
- Market movements related to the Israel-Iran conflict and FOMC meeting outcomes could influence SHIB's performance and the broader crypto market.
- Traders are monitoring for potential rallies based on geopolitical developments and Federal Reserve interest rate policies.
- Analysts are cautious about SHIB's short-term outlook due to prevailing bearish indicators.
- The overall sentiment remains uncertain as market conditions and global factors continue to impact SHIB's price movement.
- Investors are advised to closely follow market updates and key events to gauge potential price trends.
- The future of SHIB and its price trajectory will depend on a combination of technical analysis and geopolitical developments.
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