Key Support level: $0.000060
Key Resistance level: $0.000073
SHIB failed to break above the key resistance at $0.000073 and is currently falling again towards the support at $0.000060. The last time the price reached this level, bulls came back in strong force, but can they do it again?
The price action, as well as the indicators, signal that Shiba may have spent a lot of fuel on the last rally, and it seems it will take more time to recover before it can go higher.
Chart by TradingView
Trading Volume: The volume has basically disappeared in the last two days. There is very little interest in SHIB at the moment. The price action also shows the same pattern. Usually, low-volume days can precede a major move. This may take place once SHIB approaches to support.
RSI: The RSI is in free fall, particularly on the daily timeframe. There is no bullish signal at this time. We will have to revisit the chart once SHIB reaches the support level to see if there will be any bullish signals on the lower timeframes.
MACD: The MACD completed a bearish cross on the 12-hour timeframe. If this moves up to the daily timeframe, then SHIB will not look attractive to buyers in the future. Both the histogram and the moving averages are bearish on lower timeframes, while on daily, there is still hope the MACD moving averages can curve back up.
This can be decided when the price arrives at support, but a break below that and the daily will turn bearish. On the other hand, a strong bounce at support could lead to a new rally.
Chart by TradingView
The bias is bearish in the near term. Once SHIB arrives at support, we have to reassess this bias based on the price action at that time.
SHIB might revisit $0.000060. It is best to be patient in this case and wait for the price to decide its next move. Shiba Inu already had a fantastic rally this year. Therefore some exhaustion is likely at this time, and there may not be enough fuel left to propel SHIB higher in the near future.
As the market heats up, buyers have many temptations, and SHIB will become attractive only if there are clear bullish signals. These signals are not present right now.
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