SHIB has plunged more than 30% this week amid global market chaos.
Key support levels: $0.000011
Key Resistance Levels: $0.000014
1. SHIB falls to new lows
SHIB has returned to bear market prices after crypto markets experienced a massive liquidation. Altcoins across the board are suffering double-digit losses, and this meme coin is no exception, falling a whopping 30% this week alone. Current support is at $0.000011.
2. Panic in the market due to sellers’ dominance
Selling volume exploded today and price quickly followed suit. Shiba Inu has closed every single daily candle in the red for the past nine days. Hopefully, this massive crash will soon lead to a rebound that could test key resistance at $0.000014.
3. Bearish momentum is strengthening
If we look at the daily MACD, we can see that the moving averages and histograms are making lower lows at an accelerated pace. This is an extremely bearish signal. Until this trend reverses, price will continue to make new lows.
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