Shiba Inu Price Analysis: SHIB Fails to Move Higher as Correction to Critical Support Looms

Key Support level: $0.000028

Key Resistance levels: $0.000034

SHIB appears unable to rally above the current key support at $0.000028, and this most recent attempt was quickly stopped by the bears. This price action may lead the cryptocurrency to retest the key support and put pressure on buyers again. The key resistance at $0.000034 remains well defended so far.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is falling. For this reason, the key support level may be revisited soon. The lack of buyers at the current price is concerning.

RSI: The daily RSI is flat at just under 60 points and indicates some indecision in the price action.

MACD: The daily MACD remains positive, but the histogram and moving averages are both falling down. On lower timeframes such as the 4-hours, the MACD shows no trend, which also indicates indecision.

Chart by TradingView

Bias

The bias on SHIB is neutral. The price appears stuck in a flat trend above the key support.

Short-Term Prediction for SHIB Price

The lack of volatility and volume has stopped SHIB from revisiting the key resistance at $0.000034, and market participants have to be satisfied with a flat trend as the price moves horizontally above the key support. The indicators show weakness, and SHIB may revisit the support at $0.000028 in the near future.

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