After failing to maintain the critical support level, Shiba Inu’s native token crashed and is on a path to setting a new local low.
Key Support level: $0.000017
Key Resistance level: $0.000020
The support at $0.000020 turned into solid resistance on Saturday and today’s price action confirmed the breakdown with another daily red candle. The next key support is found at $0.000017 and SHIB, heading there, could find a temp relief upon reaching the support level.
Technical Indicators
Trading Volume: The volume decreased as the price dropped. Generally, this is a bullish signal, but considering the overall bearish market conditions, it is better to wait for a reversal confirmation.
RSI: The daily RSI is quickly approaching the oversold area again (under 30 points). The last time it reached there, SHIB’s price bounced higher from this area.
MACD: The daily MACD is bearish, and the selling momentum is increasing, in contrast to volume. So long this continues, a reversal for SHIB is unlikely to occur.
Bias
The bias on SHIB is bearish.
Short-Term Prediction for SHIB Price
The indicators paint a rough short-term future for SHIB and price is likely to retest $0.000017 before any possible bounce. Best to be patient for SHIB to find a local bottom before jumping in.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Ecosystem
Research
News Network
About