The Shiba Inu price, when it was consolidating strongly just above $0.00002000 for a pretty long time, was believed to be somewhat stagnant. However with the recent pump, the asset displayed its accumulated strength.
And without wasting much time, the SHIB price spiked extremely high yet remained pretty low than the crucial resistance. Moreover the memecoin is again plunging to a larger extent and currently plunged below the crucial levels which is a little scary.
After undergoing a hefty plunge, no doubt the asset appears to have halted the downtrend, yet the fear of another 10% drop still haunts the rally. The buying volume is extremely negligible and on the other hand, technicals say, SHIB price may consolidate for a while yet a hefty plunge could make its way out during the weekend.
The SHIB price amid the previous rally had comfortably jumped ahead of the crucial resistance at $0.00003278.But it was just another fake out as the sellers quickly jumped in and dragged the price below. Moreover, the price is testing the local supports currently yet the probability of consolidating at these levels and eventually plunging towards the lower strong support levels appears imminent.
Coming to the technicals, RSI was ranging high in the HTF and woeful, has taken a bearish divergence. On the other hand MACD in the same time frame shows an ease with the buying volume while in the short term. But in the short term both are pretty bullish and hence one can expect a short-term bounce back. Yet a 10% to 12% plunge still appears to be imminent following a small consolidation.
Source: https://coinpedia.org/price-analysis/right-time-for-traders-to-short-shiba-inu/