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Shiba Inu Price Analysis: After Losing 25% Monthly, SHIB Could Drop Much Lower

Summary:
After failing to maintain the critical support level, Shiba Inu’s native token crashed and is on a path to setting a new local low. Key Support level: %excerpt%.000017 Key Resistance level: %excerpt%.000020 The support at %excerpt%.000020 turned into solid resistance on Saturday and today’s price action confirmed the breakdown with another daily red candle. The next key support is found at %excerpt%.000017 and SHIB, heading there, could find a temp relief upon reaching the support level. Chart by TradingViewTechnical Indicators Trading Volume: The volume decreased as the price dropped. Generally, this is a bullish signal, but considering the overall bearish market conditions, it is better to wait for a reversal confirmation. RSI: The daily RSI is quickly approaching the oversold area again (under 30

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After failing to maintain the critical support level, Shiba Inu’s native token crashed and is on a path to setting a new local low.

Key Support level: $0.000017

Key Resistance level: $0.000020

The support at $0.000020 turned into solid resistance on Saturday and today’s price action confirmed the breakdown with another daily red candle. The next key support is found at $0.000017 and SHIB, heading there, could find a temp relief upon reaching the support level.

SHIBUSDT_2022-05-08_16-56-10
Chart by TradingView

Technical Indicators

Trading Volume: The volume decreased as the price dropped. Generally, this is a bullish signal, but considering the overall bearish market conditions, it is better to wait for a reversal confirmation.

RSI: The daily RSI is quickly approaching the oversold area again (under 30 points). The last time it reached there, SHIB’s price bounced higher from this area.

MACD: The daily MACD is bearish, and the selling momentum is increasing, in contrast to volume. So long this continues, a reversal for SHIB is unlikely to occur.

SHIBUSDT_2022-05-08_16-55-55
Chart by TradingView

Bias

The bias on SHIB is bearish.

Short-Term Prediction for SHIB Price

The indicators paint a rough short-term future for SHIB and price is likely to retest $0.000017 before any possible bounce. Best to be patient for SHIB to find a local bottom before jumping in.

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