Shiba Inu Price fell 12%;Will SHIB Price recover from yearly lows

• Shiba Inu Price fell 12% approx on a monthly basis and near to yearly lows.
• SHIB Price drops below 50 and 200 day EMA showcase downtrend.
• Shiba Inu Price Prediction is turning bearish and the long term outlook does not seem bright.

Shiba Inu Price fell 12% approx in the current month and formed a bearish pattern. It broke down the important support level of $0.00001000 which triggered the negative and invited further decline. 

SHIB Price generated a death crossover and drops below the 50 and 200 day EMA showcase positional trend is in downward direction. The trading volume is also in a declining phase indicating less participants are active and prices might enter consolidation. 

Shiba Inu price is near to the yearly lows and responsive buyers will try their best to defend the support. Shiba Inu Price is trading at $0.00000881 with an intraday rise of 1.03%. The 24 hour volume to market cap ratio is 0.0164. 

At the beginning of February, SHIB Price attempted to break out of the swing high hurdle at $0.00001584 with a strong momentum. Sadly, the attempt failed and buyers were unable to hold the higher levels. 

Slowly and steady prices began to decline by forming lower lows and drops below both the EMAs. Later, prices took support near $0.00001000 and began to consolidate in the range. 

Will Shiba Inu Price recover from yearly lows?

Shiba Inu Price consolidated for a few weeks in a hope of upside range expansion but sadly prices took opposite direction. It broke down the lower range and continues to expand downside. At the same time, Market leader Bitcoin and Ethereum turned bearish which negatively impacted the prices of Shiba Inu and other Altcoins. 

Presently, SHIB Price is approaching yearly lows which might act as an important support in the coming days. If the buyers succeed to defend the yearly lows then possibility of the short term rebound will increase. 

On the other hand if the price drops below $0.00000718 then it may raise concern for the long term investors and more downside will open. The technical analysis suggests Shiba Inu Price is in bear grip and might hit the fresh yearly lows. 

SHIB Price on weekly timeframe

SHIB Price is forming a bearish candle on a weekly time frame and no signs of recovery are visible. It has eroded the returns generated in the past few months and disappointed the long term investors. 

The technical indicators like MACD had generated a negative crossover and histogram bar is in a declining phase. It indicates bearish momentum might continue for some more time. The RSI at 30 near to the oversold territory denotes short term relief rally may anytime trigger from lower levels. 

Conclusion

Shiba Inu Price Prediction is turning bearish and the long term outlook does not seem bright. It fell 12% approx on a monthly basis and is approaching the yearly lows. The technical analysis suggests SHIB Price is in bear grip and downfall may hit fresh yearly lows. 

Technical levels

Resistance levels : $0.00001000 and $0.00001194

Support levels : $0.00000718 and $0.00000600

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.