SHIB Rallies 14% Weekly But Warning Signs Flash: 3 Things to Watch This Week (Shiba Inu Price Analysis)

CryptoPotato

2023-08-15 12:51:55

SHIB appears at a crossroad as the price is quickly losing its bullish momentum.

Key Support levels: $0.000010; $0.000094

Key Resistance levels: $0.000012

1. Rejection under Key Resistance

The rally continued until Sunday when the price started to fall. This is the first time in over a week when sellers showed strength and were able to stop the rally. If this continues, then SHIB may enter a correction.

Chart by TradingView## 2. Bearish Divergence

The daily RSI is showing a clear bearish divergence. The price made a higher high, while the RSI momentum indicator made a lower high. This shows that bulls are starting to lose control over the price.

Chart by TradingView## 3. Momentum Shifting Bearish?

Similarly to the RSI, the MACD histogram has been making lower highs for four days. This is a clear warning sign that momentum may soon change if buyers don’t return soon.

While a bearish cross is still some distance away, this price action may encourage sellers to step up their pressure.

Chart by TradingView## Bias

The bias for SHIB is neutral.

Short-Term Prediction for SHIB Price

Even if a correction unfolds this week, SHIB has good support at $0.000010 and $0.000094. Only if these levels fail to hold would the price action turn bearish. The resistance remains at $0.000012.

Esta página pode conter conteúdos de terceiros, que são fornecidos apenas para fins informativos (sem representações/garantias) e não devem ser considerados como uma aprovação dos seus pontos de vista pela Gate, nem como aconselhamento financeiro ou profissional. Consulte a Declaração de exoneração de responsabilidade para obter mais informações.