Key assistance level: $ 0.000044; $ 0.000032
Key Resistance level: $0.000055; $0.000063
SHIB’s rally from last week’s decline was impressive, but the bulls failed to push price above key resistance at $ 0.000063, and bears regained control, pushing it below $ 0.000055, which now also acts as resistance.
This leaves SHIB with the support found at $0.000044. If the bulls fail to step up soon, a retest of the support becomes likely. If you don’t stick with it and the next support will be found at $ 0.000032.
Technical Indicators of SHIB Price
Trading Volume: The volume on the bounce from support was very strong, unlike the current decline. It is generally bullish but it is too early to tell as bears can always come back strong to recapture the price on the support.
RSI: RSI continues to fall and makes lower highs. Another lower low and the downtrend may continue for some time until the bulls regain control.
MACD: The MACD on the daily timeframe remains bearish and continues to fall. This cross was highlighted in our previous analysis. To date, this signal has been correct, and the price of SHIB is currently declining. It is unlikely this trend will change until MACD on daily gives bullish signs. Right now the histogram and moving averages are decidedly bearish and accelerate on the downside.
Bias
The bias is bearish because bulls have failed to break above the resistance and the daily MACD gives no signs of any positivity. This can be reassessed if SHIB manages to break away from the current resistance level.
Short-Term Prediction for SHIB Price
Considering the price action of today, SHIB is more likely to retest the support at $0.000044 than to hope for another rally. As such, traders should be patient before considering an entry as the SHIB may provide a better price close to support where the bulls last came back strong. Any long entries now can be assessed as high risk.
