SHIB price trades under a bearish pretense under the influence of a resistance trendline and cracks under the 200-day EMA. However, the downtrend remains low in range and shows lower price rejection candles with long-tails. Hence, the downtrend shows a lack of bearish commitment and a reversal possibility.
Key points:
- The SHIB price falls under the 200-day EMA.
- The Daily-RSI shows a diagonal trend falling under the halfway mark.
- The intraday trading volume in Shiba Inu is 314 Million indicating a 36% fall.
Source-Tradingview
On April 12th, the Shiba Inu coin noticed tremendous bullish growth with the announcement of SHIB listing on the Robinhood platform. As a result, the coin registered a 21.29% overnight gain and tagged the $0.000026 mark to surpass all the crucial EMAs.
However, the buyers failed to sustain the uptrend after facing rejection at the descending trendline. The sellers eventually lowered the market price, resulting in a 10% retracement last fortnight after the evening star formation.
The retracement cracked under all the crucial EMAs formations and theoretically forecasted a retracement to the support trendline. Hence, a downfall continuation will reach the $0.00002250 mark.
However, buyers taking back the control will result in an early bullish reversal passing over the resistance trendline to touch the $0.000030 mark.
Anyhow, the interest traders should wait for a genuine breakout and daily-candle sticks closing beyond the converging resistance trendline to confirm s directional move.
Technical Indicator
Relative strength index: The RSI slope gradually lowering in the bearish territory suggests the sellers strengthen their grip.
EMAs: The SHIB price trading below the flattish EMAs(50, 100, and 200) suggests the sellers are currently dominating the field. These EMAs concentrated near the resistance trendline indicate the path to least resistance is downward.
- Resistance levels: $0.000025 and $0.000030
- Support levels: $0.00002250 and $0.00002125
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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