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

.Key Support level: $0.000030 

Key Resistance level: $0.000038 

While volume has remained low, SHIB’s price has continued to fall in the last two days and is quickly approaching the support at $0.000030. This level proved resilient when it was last tested in December. Buyers have to step in again, otherwise, SHIB may tumble further. The resistance is at $0.000038.

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

Chart by TradingView

Technical Indicators

Trading Volume: Volume remains low. This puts in doubt the conviction of the bears to push the price lower. The true test will come once SHIB arrives at support.

RSI: The RSI on the daily is under 50 points and is falling. However, the RSI made a higher low which indicates that buyers may rescue SHIB at the support level.

MACD: Unfortunately, the daily MACD did a bearish cross today. This is bad news for bulls, and their strength will likely be tested soon as any weakness may lead to SHIB dropping further below the current support level.

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

Chart by TradingView

Bias

The bias on SHIB is somewhat bearish. The price is still in a range, but the current trend is negative. A break below the key support level will confirm the bearish bias.

Short-Term Prediction for SHIB Price

SHIB’s sideways movement during the new years holidays has ended, and the price resumed its downtrend. It’s critical to see how the cryptocurrency will perform if the support level is reached.

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Tags: Shiba Inu (SHIB)

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