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Analysis

SHIB falls 15% in two days in the market downturn

December 31, 2021 - Around 2 mins mins to read
  • Key Support Level: $ 0.000030
  • Key Resistance: $ 0.0000038

The SHIB was rejected by the USD 0.000038 resistance and fell after the market downturn that began on Tuesday. The main support is currently at $ 0.000030 and could be retested if the overall market continues bearish.

Shib-Tang

 USDT Chart | Source: TradingView

Technical indicators

Volume: The trading volume is low despite the current correction. This gives hope that the SHIB can quickly reverse the trend when buyers return.

RSI: The daily RSI has now stopped falling and if price makes it this could be interpreted as a higher low here, a sign of an uptrend.

MACD: The daily MACD remains bullish. If the SHIB can reverse from current levels, it is likely that it will break the USD 0.000038 resistance and move higher.

Shib-Tang

Daily SHIB / USDT Chart | Source: TradingView

Perspectives

Price action and technical indicators suggest the SHIB could remain stuck in the $ 0.000030 to $ 0.000038 range for a few more days.

Due to the wide trading range, drop-to-range support could revive a buying opportunity with an attractive RR. The trend is determined when the price breaks out of the range.

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Analysis

SHIB falls 15% in two days in the market downturn

  • Key Support Level: $ 0.000030
  • Key Resistance: $ 0.0000038

The SHIB was rejected by the USD 0.000038 resistance and fell after the market downturn that began on Tuesday. The main support is currently at $ 0.000030 and could be retested if the overall market continues bearish.

Shib-Tang

 USDT Chart | Source: TradingView

Technical indicators

Volume: The trading volume is low despite the current correction. This gives hope that the SHIB can quickly reverse the trend when buyers return.

RSI: The daily RSI has now stopped falling and if price makes it this could be interpreted as a higher low here, a sign of an uptrend.

MACD: The daily MACD remains bullish. If the SHIB can reverse from current levels, it is likely that it will break the USD 0.000038 resistance and move higher.

Shib-Tang

Daily SHIB / USDT Chart | Source: TradingView

Perspectives

Price action and technical indicators suggest the SHIB could remain stuck in the $ 0.000030 to $ 0.000038 range for a few more days.

Due to the wide trading range, drop-to-range support could revive a buying opportunity with an attractive RR. The trend is determined when the price breaks out of the range.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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