The SHIB further fell about 20 per cent compared to its January 10 low with a short recovery rally. The resistance confluence zone appeared near 50/100/200 SMA (Simple Moving Average) between USD 0000.32 and USD 0000.29. However, the Bulls have lost their trend from the January 13 high of USD 0.000032. Momentum oscillators stayed in the negative territory, adding a negative side. It will be interesting to see if the daily Relative Strength Index (RSI), which is 33, improves from the oversold territory.
If it improves, in that case, expect some price recovery towards 100 DMA for USD 0000.30. In addition, the MACD (Moving Average Convergence Divergence) slides below the centerline with a bearish crossover, makes it difficult for the Shiba Inu bull to climb backwards. Volume is up 10.92 per cent to USD 739,768,800 in the last 24 hours, supporting the downtrend.
On the other hand, if the price dares to exceed today’s high of USD 0.0000295, we cannot exclude the January 15 high of USD 0.0000315. Next, market participants aim for 200 EMA at USD 0.0000324.
