The price of Shiba Inu (SHIB) extends its decline from the previous session and falls for the second day in a row. The price of Shiba Inu could be moving in the direction of a further decline in price. A daily close of less than $0.000025 can result in an additional 20% decrease in asset targeting at $0.000020.
The price of Shiba Inu (SHIB) is trading lower on Thursday. Expect a further decline towards $0.000020 if the price breaks the critical level of $0.000025. However, volumes are declining as SHIB continues to fall.
SHIB price has recovered from its February low, but few technical indicators suggest that bulls are not convinced of the upward momentum.
Source: Trade View
The daily Relative Strength Index (RSI) is trading at 47 and about to cut through the average line. Any downward movement in the indicator will further confirm the continuation of the downward momentum.
Next, the moving average convergence divergence (MACD) is already below the midline with increasing bearish momentum.
Another key indicator, On Balance Volume (OBV), is falling as the price has fallen from its high of $0.000035 since Feb. 6.
In addition, the rising trendline of the said swing highs acts as a resistance barrier for the bulls, in addition, the price that cut below the critical 50-day EMA at $0.000027 proved to be a double blow to the altcoin. This makes it difficult for bulls to get above the landing zone.
A decisive break below $0.000020 will pursue a further 30% decline.
On the other hand, a spike in buy orders will invalidate the bearish arguments for the asset. Even so, an acceptance above the bearish tumbling line along with the March 1 highs of $0.000028 is a prerequisite for clearing a path to the psychological $0.000032 level.
At the time of writing, SHIB/USD is trading at $0.000023, down 3.09% for the day.
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This post Shiba Inu (SHIB) Price Forecast: SHIB Drops Below 50-Day EMA Watch February Lows at $0.000020
was published first on https://coingape.com/markets/shiba-inu-shib-price-prediction-shib-slips-below-50-day-ema-eyeing-february-lows-at-0-000020/