Key Support Level: $ 0.000029, $ 0.000023
Key Resistance Level: $ 0.000034
There’s a good thing about this latest price slump: SHIB managed to avoid a lower price (compared to December 20). For this reason, if SHIB holds the current support of $ 0.000029, it may have a chance to consolidate around the current level. Resistance can be found at $ 0.000034.
Technical Indicators
Trading Volume: Despite an increase in volume during the crash yesterday, the overall volume for SHIB remains low if we compare it to the rally period from late 2021. This shows a lack of interest in SHIB, particularly during bearish price action.
RSI: Daily RSI hit a low even though price managed to narrowly avoid it. This is bad news for buyers, and it’s likely that key support will be strained again soon.
MACD: The daily MACD is bearish, with momentum building up as the price is falling and the histogram is making lower lows. Until this reverses, it is unlikely for SHIB to stop the downtrend.
Bias
The bias on SHIB is bearish.
Short-Term Prediction for SHIB Price
The cryptocurrency seems to attract attention only during an uptrend, with little volume on the downtrend. This means that price can fall much more on lower volume than initially expected, mostly due to a lack of buyers. The key support at $0.000029 may hold SHIB from further losses, but that is a hard ask considering SHIB fails to bring buyers back.
