SHIB Technical Analysis: Overpowered Sellers Destroys Shiba

Key technical points:

Past Performance of SHIB

SHIB prices showcase a descending trendline breakout after buyers failed miserably to constrain the selling pressure and defend the $0.00001850 mark. The downtrend cracks under all the crucial EMAs and forms six consecutive bearish candles accounting for a 20% fall.

Source-Tradingview

SHIB Technical Analysis 

The downfall in SHIB prices continues after retesting the broken trendline to break under the psychological mark of $0.00001850 and accounts for a 35% decrease last month. Moreover, the intraday trading volume shows a positive trend since last week reflecting a rise in selling pressure.

The EMAs will shortly achieve a bearish alignment with the 100 and 200 EMA providing a bearish crossover. However, the lack of bearish spread does reflect low but considerable bullish takeover possibilities.

The RSI slope maintains a downtrend with the 14-day average line providing resistance and continuing the fall as it approaches the oversold boundary. However, the downfall in January shows bullish divergence with the current fall, promoting weak chances of an upside reversal. 

The MACD indicator shows a bearish continuation of fast and slow lines under the negative territory with a remarkable increase in negative histograms. Hence, the indicator projects a significantly solid underlying bearishness controlling the trend.

In short, the SHIB technical analysis displays a high likelihood of bearish continuation with increased selling pressure.

Upcoming Trend

If sellers retain trend control for this week the SHIB market value will reach the $0.00001475 mark and will increase the likelihood of a bearish breakdown. However, a retest of $0.00001850 is in order and will probably start with a lower price rejection.

Support Levels: $0.00001475 and $0.00001050

Resistance Levels: $0.00001850 and $0.00002050