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.
USDT Chart | Source: TradingView
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.
Daily SHIB / USDT Chart | Source: TradingView
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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