Shiba Inu Price Analysis: SHIB Bears Eye Critical Support as Downtrend Continues

.Key Support level: $0.000030

Key resistance level: $0.000038

Volume has been low but SHIB’s price is rapidly approaching $0.000030. When it was tested last December, this level proved to be resilient. SHIB could tumble further if buyers don’t step in. Resistance is at $0.000038.

Chart by TradingView

Technical Indicators

Trading Volume: Volume remains low. This makes it doubtful that the bears are able to lower the price. SHIB will arrive at support and that will be the true test.

RSI: The RSI for the daily is below 50 points and is currently falling. The RSI reached a lower low, which suggests that buyers might rescue SHIB at its support level.

MACD: The MACD daily did a bearish crossing today. This is bad news to bulls and will most likely lead to their weakness soon. Any weakness could cause SHIB to drop further below its current support level.

Chart by TradingView

Bias

SHIB’s bias is slightly bearish. Although the price is in a range, the current trend is not favorable. The bearish bias will be confirmed if the price falls below the key support level.

SHIB Price Predictions for the Short-Term

The sideways movement of SHIB during the New Year’s holidays has now ended and the price has resumed its downward trend. It is important to assess how cryptocurrency will perform if it reaches the support level.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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