Shiba Inu (SHIB) is facing resistance below the $0.000008 level against the US Dollar. However, there is potential for a recovery wave if it can break above this resistance level.
In recent days, SHIB experienced a steady decline, falling below the $0.0000088 level and eventually breaking the key support at $0.0000080. The price found support near the $0.0000074 zone and formed a low around $0.00000739. Similar to Bitcoin and Ethereum, Shiba Inu is now attempting a recovery wave and is consolidating near the 23.6% Fibonacci retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
Despite the recovery attempt, SHIB is still trading below the $0.000008 level and the 100 simple moving average (4 hours). Additionally, a key bearish trend line is forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair.
On the upside, the bears are currently protecting the $0.0000077 level and the trend line. The next major resistance is near the $0.0000078 level, followed by the 50% Fib retracement level at $0.0000080. If SHIB can successfully surpass these resistance levels, it may pave the way for further gains towards the $0.0000088 level and potentially the $0.0000092 level.
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However, if SHIB fails to clear the $0.0000078 resistance, it could face another decline. The initial support on the downside is near the $0.0000075 level, followed by the major support at $0.0000074. If the price breaks below this support, there is potential for an extended decline towards the $0.0000072 level and the $0.0000070 zone.
Looking at the technical indicators, the MACD for SHIB/USD on the 4-hour chart is showing a loss of momentum in the bearish zone. The RSI (Relative Strength Index) is currently below the 50 level, indicating a lack of strength in the price.
In summary, SHIB price is currently facing an uphill battle below the $0.000008 resistance level. A successful break above this resistance could lead to a recovery wave towards higher levels. However, if the price fails to clear the resistance, it may experience further losses. Traders and investors should closely monitor the key support and resistance levels mentioned to gauge the future direction of SHIB price.
