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Shiba Inu (SHIB) Price Hits Key Support After Steep 40% Fall
The price of Shiba Inu (SHIB) has plummeted by an astonishing 40% since reaching its high of $0.0000334 on December 8, bringing it to a critical support level at $0.0000200. This drastic fall is testing the future direction of the trend.
Following the failure to break the resistance zone at $0.0000340 since March, SHIB formed a lower high. The price action suggests that there could be potential for a bearish trend if it drops below this support level. However, the Moving Average Convergence/Divergence (MACD) remains bullish, indicating a possible rebound.
The relative strength index (RSI), on the other hand, has dropped to 50, sparking concerns about a further decline in price. This may prompt investors to reassess their positions and consider selling or taking profits at this juncture.
A bounce from the current support level could trigger a bullish rally, but if it breaks below, SHIB’s future trend may take on a different trajectory. It is crucial for the market to observe how the price reacts to this critical support to determine its next course of action.
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Source: cryptonewsland.com
