The price of Shiba Inu (SHIB) drops on Saturday with limited price action. SHIB is testing the pivotal 20-day Simple Moving Average (SMA) at $0.000027 after the price jumped 63% from January lows.
SHIBA Inu (SHIB) falls on the weekend for the third day in a row. SHIB continues to be under pressure near the double top at $0.000035. A break below the 20-day SMA could retest January’s lows.
At the time of writing, SHIB/USD is trading at $0.000027, down 2.63%. Its 24-hour trading volume of $1,208,869,678, the 14th largest cryptocurrency by market capitalization, was held below 32% according to CoinMarketCap.
SHIB trading near critical level
On the daily chart, Shiba Inu (price) is testing the reliable support area again, marking a healthy retracement from the swing highs of $0.000035. While SHIB pulled back 18% after rising 75% since Feb 4. The recent price action explores the demand zone that exists near $0.000028.
Source: Trade View
If selling pressures persist, an immediate drop below the above level would open the gates to the February 6 lows at $0.000022. The next hurdle is placed at a distant level of $0.000017.
On the other hand, SHIB bulls have been making constant efforts to defend the critical support turn resistance level around $0.000027. After retesting the swing highs of $0.000035, market participants will clear the horizontal resistance line of $0.000040.
RSI: The Daily Relative Strength Index (RSI) falls below the moving average on Feb. 16. It currently stands at 48, indicating the bear’s control.
MACD: The moving average convergence divergence (MACD) is holding above the midline. However, any decline in the indicator will support the bearish outlook.
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This post Shiba Inu (SHIB) Price Prediction: SHIB on track to retest January lows near $0.000017
was published first on https://coingape.com/markets/101298-2/