Why is the Shiba Inu (SHIB) Price Down This Week?

SHIB fell by 5% on the weekly chart after bulls failed to control the price.

Key Support levels: $0.000014

Key Resistance levels: $0.000018

1. SHIB Remains Bearish

Despite a short attempt at breaking the key resistance at $0.000018, SHIB was quick to turn back and resume its downtrend. The current price action is bearish, and if nothing changes, bulls will likely only show up once the price reaches the support at $0.000014.

Chart by TradingView

2. Sell Volume Dominates

Even if the overall volume is low, sellers still dominate the chart with multiple days closing in red. Buyers are simply absent and the price shows it. Hopefully they return at $0.000014.

Chart by TradingView

3. MACD is Falling

Ever since late last week, the daily MACD is falling after a bearish cross. Momentum favors bears and this downtrend may continue for quite a bit before a sustained reversal can challenge the current resistance.

Chart by TradingView

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