Why is the price of Shiba Inu (SHIB) down this week?

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

Key support levels: $0.000014

Key resistance levels: $0.000018

1. SHIB continues to decline

Despite a brief attempt to break the key resistance at $0.000018, SHIB quickly turned back and resumed its downtrend. The current price action is bearish and if nothing changes, the bulls are likely to appear only once the price reaches the $0.000014 support.

Chart by TradingView 2. Dominate the sales volume

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

TradingView Chart 3. The MACD is falling

Since the end of last week, the daily MACD is falling after a bearish crossover. Momentum favors the bears and this downtrend may continue for some time before a sustained reversal can challenge the current resistance.

Chart by TradingView

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