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.
Technical indicators:
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.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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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/
