What’s Next for SHIB Following 22% Weekly Disaster? 3 Things to Watch This Week (Shiba Inu Price Analysis)

SHIB bounced, but failed to move above the key resistance.

Key Support levels: $0.0000080, $0.0000070

Key Resistance levels: $0.0000085, $0.000010 

1. Rejection at Key Resistance

The price found support at $0.0000080 and tried to move higher but was quickly rejected once reaching the resistance at $0.0000085. Since then, the cryptocurrency fell back on the key support, which is now put under pressure again.

SHIBUSDT_2023-08-21_19-30-40
Chart by TradingView

2. Sellers Dominate

In the past nine days, sellers managed to close eight daily candles in red. This shows that bears are dominating the chart right now, but in the past three days, the selling volume has been declining. This could be indicative that SHIB has reached a local bottom.

SHIBUSDT_2023-08-21_19-30-32
Chart by TradingView

3. Bearish Bias Continues

While the intensity of the selloff has subsided in the past few days, the momentum indicators, such as the daily MACD, still give a bearish signal. The MACD histogram has not yet made a higher low, but this appears likely if sellers start to lose interest. This could be an opportunity for buyers to return.

SHIBUSDT_2023-08-21_19-28-25
Chart by TradingView

Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

The support at $0.0000080 must hold if SHIB is to stop this downtrend. If broken, the price can quickly fall to $0.0000070 next. The resistance remains at $0.0000085 and has so far stopped any reversal attempts.

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Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/whats-next-for-shib-following-22-weekly-disaster-3-things-to-watch-this-week-shiba-inu-price-analysis/