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Shiba Inu Price Analysis: SHIB Drops Below a Critical Point as Bears Take Control
Key Support level: $0.000042; $0.000039;
Key Resistance level: : $0.000044; $0.000050;
Despite the previous attempt from the bulls to keep the price of SHIB inside the descending triangle, they have lost momentum, and now the price is sitting on the next support level found at $0.000042.
After SHIB broke below $0.000044, this level turned into the current resistance. Unfortunately for the bulls, SHIB’s situation, at the time of this writing, doesn’t seem very promising from a technical perspective.Chart by TradingView Technical Indicators
Trading Volume: The volume remains low, but the price continues to fall. There seems to be no buying pressure for SHIB at this time.
RSI: The RSI continues to fall and does not give any signals of a possible reversal at this time.
MACD: The MACD is bearish both on the daily and 4-hour timeframes. Until this changes, there is very little hope for SHIB to reverse course.Bias
The bias on SHIB is bearish. With the break below the key support at $0.000044, any hope for a bullish reversal is presently very thin.Chart by TradingView Short-Term Prediction for SHIB Price
The price action, as well as the indicators for SHIB, are bearish. There’s currently very little that provides positivity for this market.
The next lines of support can be found at $0.000042 and $0.000039. However, the confidence in the support levels up until $0.000032 is low due to a lack of price history to confirm these intermediary levels.
The publicly-listed crypto-asset exchange Coinbase has announced the company has acquired the Israeli firm Unbound Security. The announcement follows Coinbase acquiring the cryptocurrency wallet BRD last week and the Unbound acquisition is aimed at the company’s “commitment to providing the safest, most secure, and most trusted venue for anyone to interact with the [crypto economy].” What do you think about Coinbase acquiring Unbound Security and the acquisition of BRD last week? Let us know what you think about this subject in the comments section below. Disclaimer
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