SHIB price continues to consolidate in a short-term trading range with a negative bias. The current price action trades near a crucial support area waiting for a fresh trend set up. A successful breakout could yield gains for investors.
- SHIB price trades lower with a negative bias on Saturday.
- The bearish RSI divergence indicates impending downside movement.
- The downside risk is limited near the 50-day EMA.
As of press time, SHIB/USD reads at $0.000025, down 1.66% for the day. The 24-hour trading volume holds at $335,374,742 with a loss of 37%.
On the daily chart, the SHIB price remains pressured below the descending trend line, which is extending from the highs of $0.000035. The price attempted to test the bearish trend line on April 12 again at $0.000030. However, the bulls failed to carry forward the gains and retraced lower.
Now, the price hovers near the critical 50-day EMA (Exponential Moving Average) at $0.000025. A resurgence in the selling would slice the moving average to retest the lows of April 12 at $0.000021.
The daily relative strength index (RSI) gives a bearish divergence since March 30 while the price makes higher highs. The indicators read just above the average line hinting at the probable downside momentum.
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On the other hand, if the price is managed to close above the session’s high it would ignore the bullish outlook. A spike in the buy order could wold push the price toward the April 13 high at $0.000028.
An extended buying would further bring more gain towards the swing highs of $0.00030. This also coincides with the bearish slopping line. A daily close above the resistance barrier would reverse the current downside trend as will take out $0.32 with ease among sustained buying momentum.
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