Chart by TradingView
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.
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.
The bias on SHIB is bearish.
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.
