Shiba Inu Price Analysis - $0.0000280 Support Is Significant.

Shiba Inu Price Analysis - $0.0000280 Support Is Significant.

2022-01-19 | Robin Williams

Shiba Inu Price Analysis - $0.0000280 Support Is Significant.

Shiba Inu (SHIB) prices have been declining following reaching annual highs in November. Today's session will not change the picture. On large periods, the pattern shows no signs of reversal.

The downside is anticipated as being 17% lower than the January lows of $0000.254.

In a short relief rally, SHIB gained over 20% from its January 10 lows. The resistance confluence zone emerged amid $0000.32 and $0000.29, around the 50/100/200 SMA. Nevertheless, the bulls have lost control of the trend since the highs on January 13 at $0.000032. The momentum oscillators stayed in the negative zone, reinforcing the downturn. It would be fascinating to see if the daily Relative Strength Index (RSI) that is now at 33 can reverse from the oversold zone. In such a situation, a price rebound toward the 100 DMA, at $0000.30, is possible.

SHIB

SHIB/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

Moreover, the MACD (Moving Average Convergence Divergence) falls under the midpoint with a bearish crossing, rendering it harder for Shiba Inu bulls to recover. Volumes have been encouraging of the downward trend, with a 24-hour increase of 10.92 percent to $739,768,800.

On the other hand, if the price manages to finish over today's high of $0.0000295, the 15th January high of $0.0000315 cannot be counted out. Following that, market traders will look for the 200-EMA at 0.0000324.

At the reporting time, Shiba Inu is presently trading at a price around $0.00002793 USD, which is -2.88% down for the day.

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