Shiba Inu Price Analysis: SHIB Drops Below a Critical Point as Bears Take Control

source : cryptopotato.com

Key Support level: $0.000042; $0.000039; 

Key Resistance level: : $0.000044; $0.000050;  

Despite the previous attempt from the bulls to keep the price of SHIB inside the descending triangle, they have lost momentum, and now the price is sitting on the next support level found at $0.000042.

After SHIB broke below $0.000044, this level turned into the current resistance. Unfortunately for the bulls, SHIB’s situation, at the time of this writing, doesn’t seem very promising from a technical perspective.

img1_shib
Chart by TradingView

Technical Indicators

Trading Volume: The volume remains low, but the price continues to fall. There seems to be no buying pressure for SHIB at this time.

RSI: The RSI continues to fall and does not give any signals of a possible reversal at this time.

MACD: The MACD is bearish both on the daily and 4-hour timeframes. Until this changes, there is very little hope for SHIB to reverse course.

Bias

The bias on SHIB is bearish. With the break below the key support at $0.000044, any hope for a bullish reversal is presently very thin.

img2_shib
Chart by TradingView

Short-Term Prediction for SHIB Price

The price action, as well as the indicators for SHIB, are bearish. There’s currently very little that provides positivity for this market.

The next lines of support can be found at $0.000042 and $0.000039. However, the confidence in the support levels up until $0.000032 is low due to a lack of price history to confirm these intermediary levels.

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Cryptocurrency charts by TradingView.


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