Shiba Inu’s (SHIB) price edges lower on Saturday with limited price action. SHIB test the crucial 20-day Simple Moving Average (SMA) at $0.000027 after the price has soared 63% from its January lows.
- SHIBA Inu (SHIB) falls for the third straight day on weekend.
- SHIB remains pressured near the double top at $0.000035.
- A break below 20-day SMA could retest January lows.
At the time of writing, SHIB/USD is trading at $0.000027, down 2.63%. The 24-hour trading volume of $1,208,869,678 the 14-largest cryptocurrency by market cap held below 32% as per the CoinMarketCap.
SHIB trades near critical level
On the daily chart, Shiba Inu (price) retests the reliable support area marking a healthy retracement from the swing highs of $0.000035. As SHIB retraced 18% after it surged 75% since February 4. The recent price action explores the demand zone that exists near $0.000028.
If the selling pressure persists then an immediate drop below the above-mentioned level would open the gates for the lows made on February 6 at $0.000022. The next hurdle is placed at some distant level of $0.000017.
On the other hand, SHIB bulls have been making constant efforts to defend the critical support-turn-resistance level around $0.000027. After retesting the swing highs of $0.000035, market participants will take out the $0.000040 horizontal resistance line.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) slips below the moving average on February 16. Currently, reads at 48 indicating the bear’s control.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline. However, any downtick in the indicator will support the bearish outlook.
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/101298-2/