The Shiba Inu price(SHIB) has been trapped in a minor consolidation phase for the past five days. The coin chart showcased multiple short-body candles below the $.000022 support, suggesting indecision in market sentiment. However, despite the sloppy price action, the Shiba Inu use case got another pump as the Turkey ambulance service started accepting $SHIB as payment.
Key points:
- The 100 and 200-day MA bearish crossover could intensify the selling pressure
- The intraday trading volume in the Shiba Inu coin is $659.3 Million, indicating a 0.11% gain.
Source- Tradingview
Under the descending trendline influence, the SHIB/USDT pair has lost 38% from its last swing high of $0.0000352. On March 11th, the sellers poked another significant support of $0.000022, resuming the ongoing sell-off.
However, the never-ending retest phase has spent five days trying to sustain below the breached support. If the coin price continues to waver below the $0.00002 mark, the supply pressure should eventually pick up and dump the altcoin to a $0.00002 psychological level.
A follow-up breakdown should open the path to January low mark at $0.000017.
Contrary to the bullish thesis, if buyers revert the altcoin above the shared resistance of $0.000022 and descending trendline, the traders can expect a 12% rally, hitting the $0.000025 mark.
Technical indicator
The recent negative crossover of the 100 and 200-day EMA strengthens the bearish sentiment over the price. Moreover, the 20-day EMA dynamic resistance stands as the first line of EMA defense for sellers.
However, the Relative Strength Index breached a self-support level of 41%, showing a growing bearish momentum.
- Resistance levels- $0.0000226, and $0.0000253
- Support levels are $0.00002 and $0.000017.
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/shib-price-prediction-why-does-shib-price-have-a-better-chance-to-revisit-the-january-bottom-support0-000022/