Why is the Shiba Inu (SHIB) Price Down Today?

This meme coin continues to suffer with no relief from buyers so far.

Key Support levels: $0.000014

Key Resistance levels: $0.000018

1. SHIB Remains Bearish

The price fell by almost 6% in the past week, and this correction shows no signs of ending. The current support is found at $0.000014, which could be the place where buyers become interested again. Until then, the bias remains bearish on this price action.

Chart by TradingView

2. Sellers Dominate

Back in March, SHIB enjoyed tremendous buying pressure. This totally reversed in June, when sellers dominated for weeks at a time. Slowly but surely, the price reflected this as it made new lows. This trend may continue as long as buyers don’t make a stand to challenge the resistance at $0.000018.

Chart by TradingView

3. MACD Shows a Reversal is Unlikely

The weekly MACD continues to make lower lows on its histogram. This puts bears in charge, and there are no signs of a reversal. Until the histogram makes a higher low, this bearish trend is unlikely to change.

Chart by TradingView

For more updates on the ecosystem, make sure to check out our Shibarium news.

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