The Shiba Inu couldn’t exceed the key resistance and crashed 10% in two days.
Main support levels: $ 0.000010, $ 0.000008
Key resistance level: $ 0.000012, $ 0.000014
The price forms a large upside-down head and shoulder structure, and the neckline reflects a major resistance of $ 0.000012. Unfortunately for the Bulls, the SHIB was sharply rejected at this key level over the weekend, and cryptocurrencies have entered a downtrend ever since. Key support is at $ 0.000010 and SHIB may touch this level before trying to move further up.
Technical indicators
Volume: Sales volume remains fairly low, but this doesn’t give much hope to the Bulls either.
RSI: The daily RSI is below 50 points and could lower the low if the buyer cannot stop the current downtrend. This would be bearish.
MACD: Daily MACD is declining sharply and if the buyer cannot stop this sale, it could turn bearish in a day or two.
bias
The bias towards SHIB is bearish.
Short-term forecast of SHIB price
Despite the sharp price cuts after SHIB touched on major resistance, sellers seem unconfident given the volume. If the buyer succeeds in retaining the fix with key support of $ 0.000010, he can later try another break above $ 0.000012.
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Cryptocurrency chart According to TradingView.
