- SHIB token showcased another attempt to breakdown from the $0.000007 support level
- The SHIB/BTC pair was trading at 0.00000000021 BTC with a loss of 1.18%
- The 24 hr trading volume in SHIB is $344.6 Million
On Wednesday, the SHIB token price showed a Doji candle at the $0.000007 support level, indicating slight indecision among the market participants. However, today the token showcased another attempt to break this $0.000007 support, which remains the last barrier between him and the $0.00006 mark. Therefore, the traders should wait patiently for the candle to close below this support level which should validate the true nature of this breakdown.
The RSI (BEARISH) value is 36, indicating strong bearish momentum.
SHIB Token Resonates Inside A Falling Parallel Channel Pattern
The SHIB token price is travelling in a falling parallel channel pattern in the 4hr time frame. This pattern could lead the price back to its $0.0000055 support, providing multiple opportunities along the road. Thus, traders interested in shorting this token can find great opportunities whenever the price bounces from the overhead resistance trendline.
Concerning the EMA, the SHIB token is trading below all the crucial EMA 20, 50, 100, and 200, indicating a solid bearish trend formation. In which the 20 EMA is providing strong dynamic resistance to the token.
The MACD indicator (BEARISH) shows both the MACD line and the signal lines moving below the neutral zone, indicating bearish momentum in the market. In addition, the lines also offer a bearish crossover, projecting a sell signal for SHIB traders.
Conclusion: From the technical perspective, the overall trend of the SHIB token remains strongly bearish. And as mentioned above, the price eyes to plunge to the $0.0000055 mark by resonating in this falling parallel channel pattern. Thus, traders can take advantage of this whole bearish outlook to short the market whenever the price projects a good opportunity to them.
Support– $0.0000055
Resistance– $0.000007