The SHIB (Shiba Inu) price is struggling below the $0.000008 resistance against the US dollar. Shiba Inu could start a recovery wave if the situation settles above that $0.000008.
- The Shiba Inu price extended its decline and tested the $0.0000074 zone against the US Dollar.
- The price is now trading below $0.000008 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair (data source from Kraken).
- The pair could start a recovery wave if it crosses the $0.0000078 and $0.0000080 levels.
SHIB Price faces an uphill task
In the past few days, SHIB price has seen a steady decline below the USD 0.0000088 level. The bears managed to push the price below the main support at $0.0000080.
Finally, Shiba Inu found support near the $0.0000074 zone. A low is forming near USD 0.00000739 and the price is now trying to make a recovery wave just like Bitcoin and Ethereum. It is now consolidating around the 23.6% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
However, SHIB price is trading below USD 0.000008 and the 100 simple moving average (4 hours). In addition, a major bearish trendline is forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair.
On the upside, the bears are protecting the USD 0.0000077 level and trendline. The next major resistance is near the $0.0000078 level or the 50% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
Source: SHIBUSD at TradingView.com
The main resistance is now forming around the $0.0000080 level. A close above the $0.0000080 level could send the price towards the $0.0000088 level. Any further gains could send the price towards the USD 0.0000092 level.
Lose more in Shiba Inu?
If the Shiba Inu price fails to clear the USD 0.0000078 resistance, it could trigger a fresh decline. The initial downside support is near the USD 0.0000075 level.
The first major support is near the $0.0000074 level. The next major support is near the $0.0000072 level. If there is a downside break below the USD 0.0000072 support, there could be a longer decline towards the USD 0.0000070 zone.
Technical indicators
4 Hours MACD – The MACD for SHIB/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for SHIB/USD is currently below the 50 level.
Major Support Levels – $0.0000075 and $0.000074.
Major resistance levels – $0.0000078, $0.0000080 and $0.0000088.