SHIB Crashes 7% Daily, How Low Can it Go? 3 Things to Watch This Week (Shiba Inu Price Analysis)

CryptoPotato

2023-08-17 09:56:07

With the bullish momentum lost, buyers have a difficult task at stopping this correction.

Key Support levels: $0.0000090, $0.0000080

Key Resistance levels: $0.000010

1. Sharp Reversal

The price made a U-turn after reaching $0.000011 for a brief period. Sellers took full control of the price action in the past five days and they pushed SHIB back under $0.000010 which is the current resistance.

Chart by TradingView## 2. Critical Support

The support at $0.0000090 has to hold as the alternative is quite grim for SHIB. The last time the price tested the top of this wedge, it turned bullish. Failure here and this meme coin will tank further.

Chart by TradingView## 3. Bearish Cross on MACD

The daily MACD is giving a clear sell signal after the moving averages did a bearish cross. This could be the start of a prolonged correction and SHIB may revisit lower levels before it finds good support.

Chart by TradingView## Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

Wait to see if the support at $0.0000090 holds. If not, then expect $0.0000080 next. The bearish momentum may also intensify if the current support breaks which could see SHIB fall lower quite fast.

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