SHIB Technical Analysis: Will Shiba Prices Break Under $0.000010?

Key technical points: 

Past Performance of SHIB

The SHIB price action shows a bullish reversal from the $0.0000070 mark to test the 50-day SMA with a 65% jump. However, the sellers redirect the price trend lower to form the right shoulder of the inverted head and shoulder pattern. Currently, the price action shows a retracement to the 50-day SMA and warns of a bullish failure to avoid a drop under $0.000010.

Source- Tradingview

SHIB Technical Analysis 

The retracing SHIB prices to the 50-day SMA form a double top pattern with a neckline at the psychological mark of $0.000010. Hence, the fallout of the psychological mark will unleash the trapped bearish momentum.  

The MACD indicator shows the fast and slow lines struggling to sustain in the positive territory as the bullish histograms crumble. Hence, the chances of a bearish crossover resulting in a drop in the negative territory increase.

The RSI indicator shows underlying bullishness reversing in the nearly overbought zone teasing a drop to the halfway line. Hence, the indicator shows a bearish attempt to regain trend control.

In a nutshell, the SHIB technical analysis displays a bullish attempt struggling to sustain the prices above the psychological mark and avoid a bearish fallout.

Upcoming Trend 

If the selling pressure grows overnight, the SHIB price action will result in a double bottom fallout and break under $0.000010. Moreover, the traders can expect the fallout rally to destroy the market value by 23% to test the bottom support at the $0.0000077 mark.

Resistance Levels: $0.000012 and $0.000014

Support Levels: $0.000010 and $0.0000077