SHIB shows a weakening signal and can correct itself further

• Major support level: $ 0.000055; $ 0.00044
• Key Resistance: 0.000063 $

SHIB’s rebound from last week’s decline has been dramatic, but the bulls have been unable to push the price above the critical resistance at $ 0.000063. The bears are back trying to push the price below $ 0.000055 to take control.

12-hour SHIB / USDT chart | Source: TradingView

Technical indicators

Volume: The volume when price bounces off the support area is huge in contrast to the current decline. This indicates strong demand at a lower level.

RSI: The RSI continues to decline and make a lower high. This shows that the bullish momentum has been lost and the correction may continue for some time.

MACD: The MACD is decreasing and is about to cross the negative zone. A sign of weakness.

Daily SHIB / USDT Chart | Source: TradingView

Perspectives

While demand remains strong at lower levels, price movements and technical indicators suggest that the upward momentum has lost momentum. Hence, SHIB may drop below the $ 0.000055 support and drop to the nearest support at $ 0.00044.

After that, it is expected to be somewhere between $ 0.00044 and $ 0.000063.

You can see the price of EGLD Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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