Shiba Inu’s (SHIB) price extends the previous session’s decline falling for the second straight day. Shiba Inu’s price could be heading toward further downside in the price. A daily close below $0.000025 might result in another 20% descent in the asset targeting at $0.000020.
- Shiba Inu’s (SHIB) price trades lower on Thursday.
- Expect further downside toward $0.000020 if price breaks critical $0.000025 level.
- However, the volumes are declining as SHIB continues to fall.
SHIB price has bounced back from its February lows but few technical indicators are suggesting that bulls are not convinced of the upside momentum.
The daily Relative Strength Index (RSI) is trading at 47 and is about to slice through the average line. Any downtick in the indicator will further confirm the continuation of the downside momentum.
Next, the Moving Average Convergence Divergence (MACD) is already below the midline with increasing bearish momentum.
Another important indicator, On Balance Volume (OBV), is falling as the price is declining since February 6 from the highs of $0.000035.
Furthermore, the ascending trend line from the mentioned swing highs acts as a resistance barrier for the bulls, and on top of that price sliced below the critical 50-day EMA at $0.000027 proved to be a double whammy for the altcoin. Thus making it hard for bulls to push above the supply zone.
A decisive break below $0.000020 will seek a further decline of 30%.
On the other hand, a spike in buy orders will invalidate the bearish arguments for the asset. But still, an acceptance above the bearish slopping line along with the highs of March 1 of $0.000028 is a pre-requisite to pave a way toward the psychological $0.000032 level.
As of press time, SHIB/USD is exchanging hands at $0.000023, down 3.09% for the day.
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