SHIB finds support at $ 0.0006 after falling 13% for the day

SHIB recently fell below the ascending trendline that has held the price for eight days since October 23. After falling 13% daily, Shiba Inu is currently 25% below Thursday’s all-time high and is currently facing critical support at $ 0.00006.

Key Support Level: $ 0,0006

Key Resistance: 0.000066 $

After a major rally in recent weeks, SHIB price has launched a deep correction and managed to create support above the $ 0.00006 level. Price action has now formed a large descending triangle (this pattern tends to collapse in most cases) as shown in the graph below.

The next resistance is at $ 0.000066. If Shiba breaks it will likely try to break out of the triangle to become bullish.

Technical indicators

Volume: Volume decreased during the descending triangle formation after a large amount of daily volume was recorded in the past few days. This is certainly neither bullish nor too bearish. Volume needs to increase to add strength to any price direction.

RSI: Over the 4 hour timeframe, the RSI is falling and it is likely that the price will retest the above support before a reversal is likely.

MACD: The MACD falls in the 4 hour timeframe and the MACD histogram is making lower highs in the daily timeframe. This is not a positive sign for the bulls and further consolidation could take place before a breakout.

SHIB price forecast

After the euphoria, SHIB’s greed became neutral. The next major support to reclaim is $ 0.0006.

Shiba will most likely consolidate around $ 0.00006 before there is a chance to resume the uptrend. This could offer some interesting buying opportunities for the ShiB, especially as the price drops to lower levels. It is best to wait for the triangle to break before taking any position. Such a breakout can result in high volatility at the breakout.

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Annie

According to Cryptopotato

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