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The crypto market is generally bullish accentuated by Bitcoin price moves above $38,000. However, some selected altcoins including Shiba Inu (SHIB) have been losing ground, although gradually. The second-largest meme coin is back to trading below $0.82 after bouncing off support at $0.000008.
Any more signs of weakness would compel traders to keep offloading SHIB to buy again later.
Shiba Inu Price Prediction: SHIB In Dire Need of Support
Shiba Inu price barely holds above the 200 Exponential Moving Average (EMA) (purple) at $0.000008137. This follows the loss of confluence support provided by the 50 EMA (red) and the 100 EMA (blue) around $0.00000829.
The outlook from the Relative Strength Index (RSI) is slowly turning bearish with the indicator sliding below the moving average. Traders considering shorting SHIB may carry on as long as the RSI is on a downward trend and the immediate support at the 200 EMA is lost.
The previous support at $0.0000082 will come to the bulls’ rescue if Shiba Inu drops below the 200 EMA. From the chart, we can see another key support from the ascending trendline (dotted) as well as the next buyer congestion at $0.0000078.
If Shiba Inu recoils from the 200 EMA support, the bearish theory would be invalidated, paving the way for a potential breakout to $0.0000086 and subsequently the move above the coveted $0.00001 area.
Traders can start buying SHIB as the price rebounds from the 200-day EMA. However, the exposure should be minimized until the meme coin strikes above the descending trendline resistance.
The RSI on the daily chart maintains the bearish narrative, with Shiba Inu expected to keep searching for support and liquidity. Continued movement below the midline (50) towards the oversold area could trigger a bigger sell-off.
On the bright side, there is a chance that SHIB price will bounce off support at $0.000008, strengthened by the presence of the 50-day EMA with the 100-day EMA holding slightly below it at $0.00000799. The upswing to highs past $0.00001 would depend on the bulls’ ability to push above the falling trendline.
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— Shib (@Shibtoken) November 27, 2023
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