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

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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