How Low Can SHIB Go? This Support Has to Hold (Shiba Inu Price Analysis)

CryptoPotato

2023-09-12 11:37:05

With sellers in full control of the price action, SHIB is struggling to find support.

Key Support levels: $0.0000070, $0.0000064

Key Resistance levels: $0.0000075

1. Breakdown and New Lows

With the support at $0.0000075 broken and turned into resistance, Shiba Inu made a new low. This intensified the downtrend and put sellers in charge again. SHIB seems likely to make new lows if buyers don’t return soon.

Chart by TradingView.## 2. Key Support Levels to Watch

The price found some relief on the support at $0.0000070, but considering the bearish momentum, it would be surprising if this level holds. If not, look for a possible reversal of this downtrend at the $0.0000064 support level, which managed to stop sellers back in June.

Chart by TradingView.## 3. Sellers Momentum Increases

While the daily MACD gave hopes of a possible reversal last week, this was quickly erased as soon as SHIB made a new low. Bearing that in mind, the 3-day MACD is now firmly on the bearish side and accelerating down.

Chart by TradingView.## Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

Watch closely the support levels at $0.0000070 and $0.0000064. They are the most important levels on the chart right now, with the latter support level having the best chance of stopping this downtrend.

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