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SHIB Crashes 10% Over the Weekend, Here’s the Next Target


Shiba Inu failed to break above the key resistance and crashed by 10% in two days.

Key Support level: $0.000010, $0.000008

Key Resistance level: $0.000012, $0.000014

The price formed a large inverted head and shoulders structure, with the neckline mirroring the key resistance at $0.000012. Unfortunately for the bulls, SHIB was sharply rejected at this key level over the weekend, and since then, the cryptocurrency entered a downtrend. The key support is found at $0.000010, and SHIB may touch this level before another attempt to move higher.

SHIBUSDT_2022-07-12_11-43-19
Chart by TradingView

Technical Indicators

Trading Volume: The selling volume has remained rather low but this doesn’t provide much hope for the bulls either.

RSI: The daily RSI fell under 50 points and may make a lower low if the buyers fail to stop the current downtrend. This would be bearish.

MACD: The daily MACD is curving down sharply and may flip to the bearish side in a day or two if buyers cannot stop this selloff.

SHIBUSDT_2022-07-12_11-43-42
Chart by TradingView

Bias

The bias on SHIB is bearish.

Short-Term Prediction for SHIB Price

Despite a quick price drop once SHIB touched the key resistance, sellers don’t seem confident considering the volume. If buyers manage to hold the correction at the key support of $0.000010, then they could attempt another break above $0.000012 later on.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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