<strong><em>SHIB prices action shows the bearish retracement rally gaining trend momentum and teasing a downfall to the $0.000077 mark.</em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The SHIB market price has decreased by 2.30% over the past 24 hours.</li>
 	<li>The price action shows a bullish failure to sustain above the 50-day SMA.</li>
 	<li>The 24-hour trading volume of Shiba Inu is $581 Million, indicating a rise of 14.65%.</li>
</ul>
<h2>Past Performance of SHIB</h2>
Reacting to the massive last week's recovery in the crypto market, the <a href="https://coincodex.com/crypto/shiba-inu/">SHIB prices</a> showcased a bullish turnaround from $0.0000077 on June 19th. The V-shaped rebound that followed pushed altcoin 63.5% higher as it reached the $0.000012 resistance.

<span style="font-weight: 400">

</span>

<img src="https://s3.tradingview.com/snapshots/e/EuqbEA7x.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/EuqbEA7x/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">SHIB Technical Analysis </span></h2>
<a href="https://www.cryptoknowmics.com/news/shib-technical-analysis-the-local-highs-are-reached/">SHIB</a> buyers failing to exceed the 50-day EMA aligned with the $0.000012 resistance level resulted in an immediate reversal. The high and aggressive selling pushed the altcoin to below the supported level of $0.00001, warning of a prolonged downtrend. The critical SMAs 50, 100, and 200-days identified as orange, red, and black are in a bearish pattern, reflecting a solid downtrend. Additionally, the reversal trend's inability to sustain over the 50-day SMA shows a strong bear cycle in motion.

The MACD and signal lines show an upward trend that reaches above the zero line but struggles to keep a positive alignment. Therefore, the indicator displays a bullish uptrend but warns of a bearish crossover. The RSI indicator indicates the slope retracing below the halfway line to test the fourteen-day average line. Therefore, the indicator reveals the weakness in buying pressure, removing points off the possibility of an uptrend. In a nutshell, the SHIB technical analysis shows a higher likelihood of a downtrend breaking the bottom support.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If the daily candle remains below the breached resistance level of $0.000010, the extended correction could lower the SHIB price to $0.0000077.

<strong>Resistance Levels:</strong> $$0.000001 and $0.0000012

<strong>Support Levels:</strong> $0.000009 and $0.0000077

SHIB Technical Analysis: SHIBA Prices Plunges Under $0.000010

SHIB Technical Analysis shows the bearish retracement rally gaining trend momentum and teasing a downfall to the $0.000077 mark.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SHIB Technical Analysis: SHIBA Prices Plunges Under $0.000010

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