Shiba Inu Price Prediction: SHIB Bears Throw More Jabs at the Bulls, Risking Losses to $0.0000054
- Shiba Inu hunts for another support after losing the confluence level at $0.0000075.
- The short-term technical indicators show that investors should fasten their seatbelts amid potentially massive declines to $0000054.
Shiba Inu rallied a couple of weeks ago while riding on Coinbase Pro listing. The self-proclaimed “Dogecoin Killer” recovered to $0.0000098 but did not tough $0.00001. A correction took place with SHIB revisiting $0.000007.
In addition to that, Shiba Inu has been caught up in the recent selloff, which curtailed last week’s recovery above $0.000008. The overall technical picture has a bearish outlook, with losses likely to extend to $0.0000054.
Shiba Inu in grave danger of another freefall
Shiba Inu is exchanging hands at $0.0000073 at the time of writing. Losing the confluence support at the $0.0000075 added credence to the bearish outlook. Meanwhile, bulls are working hard to secure higher support, preferably at $0.000007.
However, the technical outlook is highly bearish based on the four-hour chart short-term technical indicators. Moving Average Convergence Divergence (MACD) failure to rise into the positive region cemented the sellers’ presence in the market last week.
The MACD is a technical indicator designed to explore the relationship between exponential moving averages (EMAs), primarily the 12-day and the 26-day. The indicator shows the MACD line, a signal line, and a histogram (clearly displays the difference between the MACD line and the signal line).
The MACD indicator measures the momentum or the strength of a trend. When the MACD line crosses above the zero line, it implies an uptrend. On the other hand, in a downtrend, it will cross below the zero line.
Traders can use the MACD to identify buy and sell signals. If the MACD moves above the signal line, it is a buy signal. On the other hand, it is a call to sell when the MACD strikes under the signal line.
SHIB/USD four-hour chart
The Relative Strength Index (RSI) also emphasizes the growing bearish outlook based on the four-hour chart. With the RSI closing in on the oversold region, declines may intensify. Closing the day beneath the next support at $0.000007 would also trigger sell orders, pushing Shiba Inu toward $0.0000054.