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

SHIB crashed by over 30% this week due to global market chaos.

Key Support levels: $0.000011

Key Resistance levels: $0.000014

1. SHIB Crashes to New Lows

SHIB is back to bear market price levels after crypto markets experienced a massive liquidation event. Altcoins are in double-digit losses across the board, and this meme coin was not spared, crashing by a whopping 30% this week alone. The current support is at $0.000011.

Chart by TradingView

2. Market Panics as Sellers Dominate

The selling volume exploded today, and the price was quick to follow. In the past nine days, Shiba Inu closed every daily candle in red. Hopefully, this massive crash will see a bounce soon, which could test the key resistance at $0.000014.

Chart by TradingView

3. Bearish Momentum Accelerates

If we look at the daily MACD, we can see that the moving averages and histograms are making lower lows at an accelerated rate. This is an extremely bearish signal. Until this trend reverses, the price will continue to make new lows.

Chart by TradingView

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