Key assistance level: $ 0.000044; $ 0.000032
Key Resistance Level:: 0.000050 $; $ 0.000055
SHIB’s price was in a very dangerous area yesterday when it broke below the support level at $0.000044. There was panic and desperation in the market, with most SHIB holders starting to doubt their investment. Fortunately, the bulls reversed the downtrend today and got the price back into the blue triangle, which gives temporary relief, at least.
However, the bears were able to push the SHIB lower and the daily chart hit a low. Together with the lower highs, SHIB has been making in the past month, the chart paints a rather grim picture ahead. The trend is clearly bearish, at least for the time being. This makes the support at $0.000032 a likely target for bears before any potential reversal.
The only hope for the bulls to avoid this scenario is to push the price of SHIB above the resistance of $ 0.000050.
Technical Indicators
Trading Volume: The volume remains low, but somehow the bulls cannot stop this downtrend decisively.
RSI: The RSI is curving on the daily calendar, and at 4 a.m. it touched the oversold zone before surging today when the bulls returned.
MACD: The daily MACD remains bearish. The only positive aspect is that the histogram has stopped making lower lows. Perhaps this is the first indication that the bulls may regain control of price in the nearby future. However, it is too early to make a call on this now.
Bias
The bias on SHIB is bearish. Unless the price breaks the resistance at $ 0.000050, it is very difficult to be bullish.
Short-Term Prediction for SHIB Price
The return of the price back into the blue triangle is a bullish signal, but it is not enough to change the bearish trend. The bulls should step up and break key resistance at $ 0.000050 if there is any hope of a reversal. Until this happens, SHIB can continue to decline.
