SHIB Drops 7% in 24 Hours, Here’s the Key Support (Shiba Inu Price Analysis)

Published on 16 March 2023 at 14:58

Information emerged that the Shibarium code is a copy. The SHIB price reacted quickly to this news.

Key Support levels: $0.000010

Key Resistance levels: $0.000011

Shiba Inu suddenly turned bearish once the news broke out about its code. The price dropped by 7% and is now dangerously close to the key support at $0.000010. Buyers may be hesitant now to consider SHIB and may choose to wait until there is more clarity on this developing story.

Chart by TradingView

Trading Volume: After good buy volume early in the week, this suddenly changed yesterday when bears took over.

RSI: The daily RSI failed to move above 50 points and now is falling again. This is bearish.

MACD: The daily MACD was about to complete a bullish cross, but this was stopped once the news about SHIB’s code broke out.

Chart by TradingView


The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

With SHIB’s fundamentals put into question, it is becoming hard to be bullish at this time. For this reason, a retest of the key support at $0.000010 appears more likely in the near term.

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