The price of Shiba Inu (SHIB) is in a downtrend after hitting a yearly high in November. Today’s session did not paint a different picture. The trend is not showing any signs of reversal on the major timeframes.
- The price of Shiba Inu remains steady near weekly support around the $000,280 level.
- A decisive break below current levels could see a 10% drop.
- Robinhood CEO seeks more clarity before listing Shiba Inu and other altcoins.
The downside is seen 17% below the January low of $0000.254
The SHIB is up nearly 20% from the January 10 low in a slight rally. A resistance confluence emerges near the 50/100/200 SMA between $0000.32 and $0000.29. However, the bulls failed to capture the trend from the January 13 high at $0.000032. The momentum oscillators remain in the negative territory thus reinforcing the downtrend aspect. It will be interesting to see if the daily Relative Strength Index (RSI), reading at 33, moves away from the oversold zone. In that case, some price bounce back can be expected to the 100 DMA, at $0000.30.
Furthermore, the MACD (Moving Average Convergence Divergence) slipped below the midline with a bearish crossover, making it difficult for the Shiba Inu bulls to climb back. Volume has supported the downtrend, as it has been recorded at $739,768,800, up 10.92% over the past 24 hours.
An ascending trendline from the $0.0000254 low was broken on the 4-hour chart. The black candle shows higher selling pressure in the short term. Immediate support can be found at the horizontal support of $0.000027.
On the other hand, if the price dares to close above today’s high of $0.000295 then 15order The January high that cannot be ruled out is $0.000315. Next, market participants will look for the 200 EMA at 0.000324.