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    Home » Price Analysis » SHIB Down to 65% Below ATH Levels, Here is the Key Support to Watch (Shiba Inu Price Analysis)

    SHIB Down to 65% Below ATH Levels, Here is the Key Support to Watch (Shiba Inu Price Analysis)

    Author: Duo Nine

    Last Updated Jan 6, 2022 @ 16:08

    SHIB has corrected 65% since the all-time high last year and so far has failed to stop the downtrend.

    Key Support level: $0.000029, $0.000023

    Key Resistance level: $0.000034 

    There is one good thing about this latest crash in price: SHIB managed to avoid a lower low in price (compared to December 20th). For this reason, if SHIB holds at the current support of $0.000029, then maybe it has a chance to consolidate around the current level. The resistance is found at $0.000034.

    Chart by TradingView

    Technical Indicators

    Trading Volume: Despite an increase in volume during the crash yesterday, the overall volume for SHIB remains low if we compare it to the rally period from late 2021. This shows a lack of interest in SHIB, particularly during bearish price action.

    RSI: The daily RSI did a lower low, even as the price managed to narrowly avoid it. This is bad news for buyers, and likely the key support will be put under stress again soon.

    MACD: The daily MACD is bearish, with momentum building up as the price is falling and the histogram is making lower lows. Until this reverses, it is unlikely for SHIB to stop the downtrend.

    Chart by TradingView

    Bias

    The bias on SHIB is bearish.

    Short-Term Prediction for SHIB Price

    The cryptocurrency seems to attract attention only during an uptrend, with little volume on the downtrend. This means that price can fall much more on lower volume than initially expected, mostly due to a lack of buyers. The key support at $0.000029 may hold SHIB from further losses, but that is a hard ask considering SHIB fails to bring buyers back.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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