Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like <a href="https://www.cryptoknowmics.com/news/shiba-inu-surges-over-20-after-elon-musks-tweet/">Elon Musk</a> and Vitalik Buterin. The SHIBA INU website invites dog-inspired artists from all over the world to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market. Let us look at the technical analysis of SHIB.
<h2><b>Past Performance of Shiba Inu</b></h2>
Seven days ago, SHIB opened at $0.00003067 on 12 October 2021. The price chart shows the formation of a valley across the week. It closed on 18 October 2021 at $0.0000287. This was a change of -6.4%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/r/rKmCGF5p.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/rKmCGF5p/">https://www.tradingview.com/x/rKmCGF5p/</a>
<h2><b>SHIB Technical Analysis</b></h2>
The past week started with a decline in the prices. The trend took support at the $0.00002335 level and reversed itself. It is again facing resistance at $0.00002963. The current trading price is $0.00002819 which is -1.6% compared to yesterday’s close. This is a bearish signal.

<strong>OBV</strong> is beginning to have a decline in the buying pressure as compared to the selling pressure. This is a bearish signal, which means the traders may take a short position here.

<strong>RSI</strong> has bounced back by touching the overbought region’s boundary at 70%. It is currently at 67.14% and is on a downtrend. This is again a bearish signal. However, the SHIB price may increase also as a high RSI means high strength, which is a positive signal.

<strong>MACD</strong> is showing red flags. The fast line is going below the slow line, which is a strong bearish signal. This means that the traders may take a short position here.
<h2><b>Day-Ahead and Tomorrow</b></h2>
The SHIB price took support at the <strong>Fibonacci level</strong> of $0.000024. Now it has crossed the level at $0.000028. The next target, according to fib numbers, is at $0.000035.

Thus, the indicators are giving strong bears signals. The traders may take a short position here by placing the stop-loss at $0.00002335.

SHIB Technical Analysis: Facing Resistance at $0.00002963

Shiba Inu (SHIB) price took support at the Fibonacci level of $0.000024. Now it has crossed the level at $0.000028. The next target according to fob numbers is at $0.000035.Thus, the indicators are giving strong bears signals. The traders may take a short position here by placing the stop loss at $0.00002335.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

SHIB Technical Analysis: Facing Resistance at $0.00002963

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