SHIB remains in a downtrend despite several attempts to break away.
Key Support levels: $0.0000107
Key Resistance levels: $0.000014
1. Sellers Dominate
In the past five weeks, SHIB’s price has closed in red. This comes after buyers attempted to break the resistance at $0.000014, but failed. The current support is found at $0.0000107 which stopped sellers in the past. A retest of this level appears likely if the bulls don’t return soon.
2. Momentum is Lacking
A look at the weekly MACD shows a flat histogram. This is indicative of no clear trend. While the price is falling right now, it is still found in the same range since the start of the year. The bulls hope that this sideways price action can form a bottom here that can lead to a renewed uptrend in the future.
3. Volume has Crashed
Since March 2024, SHIB has been making lower highs in terms of volume. This is a bad signal because it shows that market participants are distracted elsewhere, most probably by the Solana meme market where most traders relocated last year. As long as the volume is in decline, it’s hard to see a reversal happening.
