- Bears violated a weekly support level of $0.0000225 on March 11.
- The Volatility indicator shows the VI lines remaining in a negative alignment.
Shiba Inu (SHIB) is trading below the $0.0000225 level, down 4.78 percent last week. When the meme coin price drops below $0.00002, will the bulls be able to stop it from falling anymore, or will the meme coin hit a new low is a question that investors cannot answer. The price is nearing a significant support level from February 24 at $0.0000212.
Sellers of Shiba Inu (SHIB) violated a weekly support level of $0.0000225 on March 11. And since it was also neckline support in an ascending triangular chart pattern, the current sell-off became much more intense.
Bears Dominating the Price
Altcoin continued to test the recently breached support of $0.0000225 over the following two days. There are long-tail rejection candles at this level, which indicates that the previous support level has now turned into genuine resistance. For the cryptocurrency to fall below the $0.00002 psychological barrier, traders must maintain a price below $0.0000225 for an extended period. It would be possible to retest the January bottom of $0.000017 if there is a further drop.
While this current collapse maybe just a bear trap if buyers push the cryptocurrency over the reversed resistance, it might provide the bulls with a boost to break out of the downward trend line.
With the recent negative crossing of the 100 and 200-day EMAs, the falling key EMAs attain bearish alignment. In addition, the 20-day EMA serves as a dynamic barrier that thwarts efforts to go long. The Volatility indicator shows the VI lines remaining in a negative alignment by avoiding last week’s bullish crossing and widening the gap. According to CoinMarketCap, the Shiba Inu price today is $0.000022 USD with a 24-hour trading volume of $664,643,097 USD.