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

SHIB crashed more than 30% this week due to global market chaos.

Key support levels: $0.000011

Key resistance levels: $0.000014

1. SHIB blocks at new lows

SHIB has once again supported market price levels after crypto markets experienced a massive liquidation event. Altcoins are seeing double-digit losses across the board, and this meme coin was not spared, crashing 30% this week alone. The current support is $0.000011.

TradingView Chart 2. Market panics as sellers dominate

Sales volume exploded today and the price quickly followed. In the last nine days, Shiba Inu closed all daily candles in red. Hopefully, this massive drop will see a bounce soon, which could test the key resistance at $0.000014.

TradingView Chart 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 accelerating 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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