The Shiba Inu price chart shows a reversal from the support trendline of the falling channel. However, the price jump acts as a retest of the bearish breakout of the falling channel. Hence, the sudden increase in buying pressure may soon succumb to drive the price lower.
Key technical points:
- The SHIB token price finds support near the support trendline of the falling channel
- The 50 and 100-day EMAs give a bearish crossover
- The intraday trading volume in the SHIB token is $2.08 Billion, indicating a 0.69% fall.
SHIB Price Soon To Breach $0.000015?
Source-Tradingview
The SHIB price rises more than 12% from the $0.00001850 support level, resulting in a V-shaped reversal. However, Shiba buyers fail to sustain the buying pressure.
Therefore, the reversal acts as a retest of the bearish breakout of the $0.000020 mark. Hence, traders can shortly find an excellent selling opportunity. Moreover, the RSI slope fails to surpass the central line in the 4-hour chart. Hence, a reversal in RSI suggests a rise in selling pressure.
The SHIB coin price action suggests crucial support levels at $0.0000150 and $0.000010 mark. And, in case the buyers break above the $0.000025 mark, high selling pressure at $0.000030 and $0.000035 can defend the bullish rise.
Source- Tradingview
In our last Shiba Inu technical analysis, the token price was struggling to rise above the resistance trendline of the falling channel. In the past few days, the coin price retraced to the support trendline.
The reversal results in a downfall of more than 30% in the past week as it breaks below the $0.000020 mark. However, the past 24 hours brings lower price rejection pushing the price higher.
Despite the short-term push back, the 50 and 100-day EMAs give a bearish crossover in the daily chart.
The Moving average convergence divergence shows a sharp fall in the MACD line, increasing the distance from the slow line. Moreover, the rising trend of the bearish histograms indicates a rise in selling pressure.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/98136-2/