Shiba Inu’s (SHIB) price has been in the downtrend after hitting yearly highs in November. Today’s session does not paint a different picture. The trend does not show any sign of reversal on major timeframes.
- Shiba Inu’s price remains stable near-weekly support around $000.280.
- A decisive break below the current level could witness a 10% fall.
- Robinhood CEO seeks more clarification before listing Shiba Inu and other altcoins.
The downside is seen 17% below January lows of $0000.254
SHIB rallied almost 20% from the lows of January 10 in a brief relief rally. The resistance confluence zone appeared near 50/100/ 200 SMA in between $0000.32 and $0000.29. However, the bulls lose grip over the trend from the highs of January 13 at $0.000032. The momentum oscillators remained in the negative zone, thus strengthening the downtrend aspect. It is interesting to watch whether the daily Relative Strength Index (RSI), which reads at 33 will take a turnaround from the oversold zone. In that case, some bounce back in the prices could be expected toward 100 DMA, at $0000.30.
Furthermore, the MACD (Moving Average Convergence Divergence) slips below the midline with a bearish crossover, making it difficult for Shiba Inu bulls to climb backward. The volumes have been supportive of the lower trend, as it has been recorded at $739,768,800 up 10.92% in the past 24-hours.
The ascending trend line from the lows of $0.0000254 has been broken on the 4-hour chart. A black candle indicates higher selling pressure in the short term. The immediate support could be found at the horizontal support level of 0 $.000027.
On the flip side, if the price dares to close above today’s high of $0.0000295 then the 15th Jan high cannot be ruled out at $0.0000315. Next, market participants would seek 200-EMA at 0.0000324.
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