Chart by TradingView
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.
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.
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.
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.
