Shiba Inu Crypto: Can SHIB Crypto Shatter All Supports Soon?

• 1 The SHIB crypto asset is showing bearishness and declined sharply from the supply region.
• 2 The analysis of the major indicators and trend-based tools confirm a bearish outlook.

SHIB is a crypto that was born from memes and aims to be a project run by the community. It is based on Ethereum and is directly a rival to Dogecoin (DOGE). Its symbol is made out of a Shiba Inu, and that is a type of dog from Japan.

Shiba Inu was developed in August 2020 by an anonymous and unknown person called Ryoshi. Ryoshi then gave the meme crypto to its community, which has kept developing the Shiba Inu ecosystem.

Ryoshi said that SHIB was an “experiment in decentralized spontaneous community building”, and since then, the crypto has reached over one million holders on the Ethereum network. Ryoshi further says that the Shiba Inu crypto’s ecosystem was created on Ethereum because it was a safe option.

Can SHIBA INU Fall Like a Sharp Knife Soon

The SHIB crypto asset is showing bearishness and falling potential as it declines from the supply region at $0.00001150 which is below the major trend 20, and 50-Day EMAs, which is influenced directly by the seller’s surge, and could slump more downward to reach below level.

The SHIB crypto asset is exhibiting bearish weakness as the MACD indicator is showing a bearish cross and is below the zero line. Whereas the MACD line is at -0.00000018 and the signal line is at -0.00000011, both lines have increasing width in the downward direction, a.k.a histogram value is at -0.00000007.

The RSI is below 50, implying that the asset is still in negative territory and can sink further down. It is also seen that RSI has been facing rejection from the 14-SMA and the curve is declining. Meanwhile, the RSI is at 42.64, and 14- SMA is at 45.79.

An overall analysis of the major indicators and trend-based tools portray bearish outlooks and elaborates the potential for more downward moves in the near future.

As per the price movements, the price structure was bullish earlier before the start of the year 2024. However, that uptrend was violated as the price faced an enormous struggle around the supply region around at $0.00001150 level on the chart, and prices started making lower lows and highs along the way.

At the time of publishing the SHIB crypto price is at $0.00000926 and shows a 24-hour last intraday surge of 0.65%.

Therefore, if the SHIB price slips downward, it could slide towards lower levels and even reach the demand zone.

Alternatively, if the price manages to survive and hold the current level. The SHIB could rise extravagantly and could go up for testing out the supply region again and could pierce through as well.

Summary

An overall analysis of the major indicators and trend-based tools portray bearish outlooks and elaborates the potential for more downward moves in the near future sessions. The price action also elaborates bearishness on the daily chart.

Therefore, if the SHIB price slips downward, it could slide toward $0.00001050 and lower levels and even reach the demand zone as well.

Technical Levels

Support Levels: $0.00000850

Resistance Levels: $0.00001050

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.