Why is the Shiba Inu (SHIB) Price Down Today?
Sellers continue to dominate as they push SHIB to new local lows.
Key Support levels: $0.000014
Key Resistance levels: $0.000018
1. SHIB Makes New Lows
The selling pressure intensified, and buyers were unable to hold SHIB above $0.000018, which has now turned into a key resistance. This latest drop in the price created a lower low which re-confirms the downtrend. Buyers are absent and they may only return once SHIB hits the current support at $0.000014.
2. Indicators are Bearish
The past four weekly candles are in red, which shows that sellers have been dominating the chart. This is also reflected in the bearish momentum indicators. Moreover, the daily RSI is oversold at under 25 points, a level not seen since the 2023 bear market.
3. Bearish Momentum Intensifies
The weekly MACD clearly signals that sell-pressure is mounting. The histogram is making lower lows, and the moving averages are in free fall. There are no signs of a possible reversal, and this bearish momentum could continue for some time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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