SHIB price (Shiba Inu) is struggling below the $0.000008 resistance against the US Dollar. Shiba Inu could start a recovery wave if it settles above $0.000008.
Shiba Inu price extended its decline and tested the $0.0000074 zone against the US Dollar.
The price is now trading below $$0.000008 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair (data source from Kraken).
The pair could start a recovery wave if it clears the $0.0000078 and $0.0000080 levels.
SHIB Price Faces Uphill Task
In the past few days, SHIB price saw a steady decline below the $0.0000088 level. The bears were able to push the price below the key support at $0.0000080.
Finally, Shiba Inu found support near the $0.0000074 zone. A low is formed near $0.00000739 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. It is now consolidating near the 23.6% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
However, SHIB price is trading below $$0.000008 and the 100 simple moving average (4 hours). Besides, there is a key bearish trend line forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair.
On the upside, the bears are protecting the $0.0000077 level and the trend line. The next major resistance is near the $0.0000078 level or the 50% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
Source: SHIBUSD on TradingView.com
The main resistance is now forming near the $0.0000080 level. A close above the $0.0000080 level might send the price toward the $0.0000088 level. Any more gains might send the price towards the $0.0000092 level.
More Losses In Shiba Inu?
If Shiba Inu price fails to clear the $0.0000078 resistance, it could start another decline. Initial support on the downside is near the $0.0000075 level.
The first major support is near the $0.0000074 level. The next major support is near the $0.0000072 level. If there is a downside break below the $0.0000072 support, there could be an extended decline towards the $0.0000070 zone.
4 Hours MACD – The MACD for SHIB/USD is losing pace in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for SHIB/USD is currently below the 50 level.
Major Support Levels – $0.0000075 and $0.000074.
Major Resistance Levels – $0.0000078, $0.0000080 and $0.0000088.