Despite recent attempts to break through resistance, SHIB continues its downward trend this week. Key support remains at $0.0000107, while key resistance levels are found at $0.000014. 75% of the past five weeks have closed in red, signaling a continuation of the downtrend. This weakness has been hampered by buyers’ failure to cross the $0.000014 resistance. 0.0000107 remains the key support level as it stopped sellers last time but may get retested if bulls fail to return quickly. 0.000014, however, remains an important resistance level that needs to be cleared for a sustained uptrend. A look at the weekly MACD reveals a flat histogram, signifying lack of clear trend direction and potentially hindering any quick reversal. Chart by TradingView
The volume of SHIB has significantly decreased since March 2024. This is another indication of market uncertainty, with traders diverting their attention towards other meme markets like Solana. As long as this decline continues, a decisive shift towards upward momentum appears unlikely.
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