SHIB remains in a downtrend despite several attempts to break away.
Key Support levels: $0.0000107
Key Resistance levels: $0.000014
1. Sellers Dominate
In the past five weeks, SHIB’s price has closed in red. This comes after buyers attempted to break the resistance at $0.000014, but failed. The current support is found at $0.0000107, which previously halted sellers. A retest of this level appears likely if the bulls don’t return soon.
2. Momentum is Lacking
A look at the weekly MACD shows a flat histogram, indicating a lack of clear trend. While the price is currently declining, it has remained in the same range since the beginning of the year. Traders hope that this sideways price action can form a bottom leading to a potential uptrend in the future.
3. Volume has Crashed
Since March 2024, SHIB has witnessed lower highs in trading volume. This decline signals that traders may be focusing their attention elsewhere, particularly on the Solana meme market, where many have transitioned. Unless there is a resurgence in volume, it is challenging to foresee a reversal in price trends.
