Shiba Inu’s (SHIB) price edges lower on Saturday with limited price action. SHIB test the crucial 20-day Simple Moving Average (SMA) at $0.000027 after the price has soared 63% from its January lows.
- SHIBA Inu (SHIB) falls for the third straight day on weekend.
- SHIB remains pressured near the double top at $0.000035.
- A break below 20-day SMA could retest January lows.
At the time of writing, SHIB/USD is trading at $0.000027, down 2.63%. The 24-hour trading volume of $1,208,869,678 the 14-largest cryptocurrency by market cap held below 32% as per the CoinMarketCap.
SHIB trades near critical level
On the daily chart, Shiba Inu (price) retests the reliable support area marking a healthy retracement from the swing highs of $0.000035. As SHIB retraced 18% after it surged 75% since February 4. The recent price action explores the demand zone that exists near $0.000028.
If the selling pressure persists then an immediate drop below the above-mentioned level would open the gates for the lows made on February 6 at $0.000022. The next hurdle is placed at some distant level of $0.000017.
On the other hand, SHIB bulls have been making constant efforts to defend the critical support-turn-resistance level around $0.000027. After retesting the swing highs of $0.000035, market participants will take out the $0.000040 horizontal resistance line.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) slips below the moving average on February 16. Currently, reads at 48 indicating the bear’s control.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline. However, any downtick in the indicator will support the bearish outlook.
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