Recovery Rally or Another Crash for SHIB? 3 Things to Watch This Week (Shiba Inu Price Analysis)

CryptoPotato

2023-09-05 12:26:44

SHIB has found some support, but will it last?

Key Support levels: $0.0000075

Key Resistance levels: $0.0000083

1. Support Under Pressure

After a significant drop during this past week, SHIB’s price seems to have found some relief on the $0.0000075 support. Buyers appear to be interested here, but it is too early to determine if they are strong enough to stop this bearish price action.

Chart by TradingView.## 2. Downtrend Still Intact

This meme coin could not break above the key resistance at $0.0000083 and was pushed lower soon after. In the process, SHIB made new lows not seen since July. As a result, bears still dominate the chart and have kept the downtrend intact.

Chart by TradingView.## 3. MACD Hints at a Bullish Divergence

While the trend remains bearish, the daily MACD histogram shows a bullish divergence with higher lows while the price made new lows. This could eventually allow Shiba Inu to stop the downtrend and attempt a reversal.

Chart by TradingView.## Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

The support at $0.0000075 appears to hold for now. If, for any reason, it will fall, then the next key levels to watch are found at $0.0000070 and $0.0000064.

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