SHIB Nosedives 5.6% Weekly, is the Worst Over? Three Things to Consider this Week (Shiba Inu Price Analysis)

2023-10-11 09:31:57

Shiba’s price broke below its previous support and is making lower lows.

Key Support levels: $0.0000065

Key Resistance levels: $0.0000071

1. Breakdown of Support

Unfortunately for bulls, the price took a nosedive as soon as the support at $0.0000071 was lost. Since then, this level has turned into a resistance, and buyers have retreated at $0.0000065, which will act as the next key support.

Chart by TradingView.## 2. Bearish Price Actions

With new local lows, the price action is bearish, and a test of the support at $0.0000065 appears likely in this context. The momentum indicators also show weakness with no signs of a possible reversal at this time.

Chart by TradingView.## 3. Sellers Dominate

The 3-day RSI has consistently remained under 50 points and has been making lower lows since August. So long as this trend continues, sellers will dominate the price action. Buyers might become interested as the RSI approaches 30 points.

Chart by TradingView.## Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

A test of the support at $0.0000065 appears inevitable if sellers continue to hold a tight grip on the price. It’s interesting to see how the price will perform over the coming week.

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