Is the Shiba Inu Bull Run in Trouble? 3 Things to Watch This Week (SHIB Price Analysis)

Shiba Inu entered a pullback. Will the support hold?

Key Support levels: $0.000025

Key Resistance levels: $0.000037

1. Sellers Return

SHIB had a good attempt to break above the resistance at $0.000037, but sellers stopped it. Now, bears appear determined to take the price to the key support at $0.000025.

SHIBUSDT_2024-03-18_18-05-39 — Chart by TradingView

2. Correction in Progress

This correction is normal and nothing to be too worried about, especially since SHIB had a massive rally that quadrupled its price. It’s important to monitor the key support and see if the buyers will come back in force. Then, SHIB could return on an uptrend.

SHIBUSDT_2024-03-18_18-06-55 — Chart by TradingView

3. Daily MACD Remains Bearish

The MACD moving averages on the daily timeframe did a bearish cross. This is bearish, and until the histogram makes higher lows, it is unlikely to change.

SHIBUSDT_2024-03-18_18-06-25 — Chart by TradingView

Bias

The bias for SHIB is bearish.

Short-Term Prediction for SHIB Price

All eyes are now on the key support at $0.000025. If that level holds, then buyers could take SHIB back on the offensive to break the current resistance.

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