SHIB crashed by over 30% this week due to global market chaos.
Key Support levels: $0.000011
Key Resistance levels: $0.000014
1. SHIB Crashes to New Lows
SHIB is back to bear market price levels after crypto markets experienced a massive liquidation event. Altcoins are in double-digit losses across the board, and this meme coin was not spared, crashing by a whopping 30% this week alone. The current support is at $0.000011.
Chart by TradingView
2. Market Panics as Sellers Dominate
The selling volume exploded today, and the price was quick to follow. In the past nine days, Shiba Inu closed every daily candle in red. Hopefully, this massive crash will see a bounce soon, which could test the key resistance at $0.000014.
Chart by TradingView
3. Bearish Momentum Accelerates
If we look at the daily MACD, we can see that the moving averages and histograms are making lower lows at an accelerated rate. This is an extremely bearish signal. Until this trend reverses, the price will continue to make new lows.
Chart by TradingView
For more updates on the ecosystem, make sure to check out our Shibarium news.
SHIB fell by 5% on the weekly chart after bulls failed to control the price.
Key Support levels: $0.000014
Key Resistance levels: $0.000018
1. SHIB Remains Bearish
Despite a short attempt at breaking the key resistance at $0.000018, SHIB was quick to turn back and resume its downtrend. The current price action is bearish, and if nothing changes, bulls will likely only show up once the price reaches the support at $0.000014.
Chart by TradingView
2. Sell Volume Dominates
Even if the overall volume is low, sellers still dominate the chart with multiple days closing in red. Buyers are simply absent and the price shows it. Hopefully they return at $0.000014.
Chart by TradingView
3. MACD is Falling
Ever since late last week, the daily MACD is falling after a bearish cross. Momentum favors bears and this downtrend may continue for quite a bit before a sustained reversal can challenge the current resistance.
Chart by TradingView
For more updates on the ecosystem, make sure to check out our Shibarium news.
