Chart by TradingView
Information emerged that the Shibarium code is a copy. The SHIB price reacted quickly to this news.
Key Support levels: $0.000010
Key Resistance levels: $0.000011
Shiba Inu suddenly turned bearish once the news broke out about its code. The price dropped by 7% and is now dangerously close to the key support at $0.000010. Buyers may be hesitant now to consider SHIB and may choose to wait until there is more clarity on this developing story.
Trading Volume: After good buy volume early in the week, this suddenly changed yesterday when bears took over.
RSI: The daily RSI failed to move above 50 points and now is falling again. This is bearish.
MACD: The daily MACD was about to complete a bullish cross, but this was stopped once the news about SHIB’s code broke out.
The bias for SHIB is bearish.
With SHIB’s fundamentals put into question, it is becoming hard to be bullish at this time. For this reason, a retest of the key support at $0.000010 appears more likely in the near term.
