SHIB Crashes 15% Weekly But How Low Can It Go? (Shiba Inu Price Analysis)

by Crypto News, Price Analysis, Shiba Inu (SHIB), SHIBBTC, SHIBUSD0 comments


Key Support level: $0.000020, $0.000017

Key Resistance level: $0.000028

SHIB failed to rally and returned to the key support at $0.000020, which so far has managed to save the price from a significant crash. In the past, this level held strong and managed to take SHIB higher to the key resistance found at $0.000028.

The indicators remain bearish on higher timeframes, and bulls have a difficult task ahead in trying to hold off the selling pressure.

Chart by TradingView

Technical Indicators

Trading Volume: The volume remains low and appears to favor bears at the time of this post since they have dominated the chart in the past month.

RSI: The daily RSI is making lower lows and has yet to reach the oversold area at 30 points. This indicates SHIB could continue to fall lower until a bottom is found.

MACD: The daily MACD is bearish, but the selling momentum appears to be flat in the past few days. The big question is if bulls will attempt a reversal here.

SHIBUSDT_2022-05-03_13-48-51
Chart by TradingView

Bias

The bias on SHIB is somewhat neutral as long as the price holds above the key support, but the indicators don’t inspire confidence for bulls.

Short-Term Prediction for SHIB Price

SHIB bulls must defend $0.000020. Failing to do so would be a major issue and could propel the cryptocurrency further down towards $0.000017.

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Cryptocurrency charts by TradingView.



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