Shiba Inu Price Analysis: SHIB Uptrend at Risk as Technical Levels Flip Bearish
- Shiba Inu price path with the least resistance is downward according to the MACD and the RSI.
- Support at $0.0000085 may invalidate the downtrend, thus adding credence to the SuperTrend buy signal.
Shiba Inu price sustained an uptrend from the losses incurred last week. Support established at $0.0000057 allowed bulls to take control, pulling the price above crucial resistance and support levels.
The meme coin currently trades at $0.0000088 after correcting from a weekly high recently accomplished at $0000096. As for bulls, the primary goal is to secure higher support without losing sight of the near-term target at $0.00001.
Can Shiba Inu price overcome the bearish technical picture?
Following the correction from the weekly high, Shiba Inu seems to have triggered sell orders. For instance, the Moving Average Convergence Divergence (MACD) indicator on the 12-hour chart has a vivid bearish signal.
The MACD is a technical indicator following the path of a trend while calculating its momentum. It has turned bearish within the same time frame for the first time since June 23. Note that as the 12-day exponential moving average crossed below the 26-day exponential moving average, the odds for a bearish impulse increased significantly.
Subsequently, the Relative Strength Index (RSI) emphasizes a bearish grip amid the drop from the oversold region to the midline. If the RSI dips toward the oversold territory, Shiba Inu may correct further, perhaps test the support at the 50 Simple Moving Average (RSI).
SHIB/USD 12-hour chart
Looking the other side of the picture
In the meantime, Shiba Inu appears to be battling the resistance at the ascending channel’s middle boundary. If bulls manage to bring this resistance level down, there is a high chance the uptrend will continue toward $0.00001. A break above the upper edge will also cement the bulls’ presence in the market.
The SuperTrend indicator in the same time frame has sustained a buy signal since June 24. This call to buy manifests as the line overlaying the chart turns green from red. The line also closes the day under the asset’s price, as shown on the chart.
SHIB/USD 12-hour chart
The buy signal has to continue to hold for the resumption of the uptrend. This also calls for higher support, preferably at $0.0000085. Here, bulls will focus on launching an attack on the seller congestion at $0.0000095 and $0.00001.