SHIB Technical Analysis: Overpowered Sellers Destroys Shiba

SHIB prices show a bearish breakdown rally from the $0.00001850 level forming multiple bearish candles. Will the downtrend crack under $0.00001750? Key technical points: The SHIB price breaks below $0.00001850. The 100 and 200-day EMAs prepare a bearish crossover. The 24-hour trading volume of Shiba Inu is $615 Million, indicating a 15% rise. Past Performance of SHIB SHIB prices showcase a descending trendline breakout after buyers failed miserably to constrain the selling pressure and defend the $0.00001850 mark. The downtrend cracks under all the crucial EMAs and forms six consecutive bearish candles accounting for a 20% fall. Source-Tradingview SHIB Technical Analysis The downfall in SHIB prices continues after retesting the broken trendline to break under the psychological mark of $0.00001850 and accounts for a 35% decrease last month. Moreover, the intraday trading volume shows a positive trend since last week reflecting a rise in selling pressure. The EMAs will shortly achieve a bearish alignment with the 100 and 200 EMA providing a bearish crossover. However, the lack of bearish spread does reflect low but considerable bullish takeover possibilities. The RSI slope maintains a downtrend with the 14-day average line providing resistance and continuing the fall as it approaches the oversold boundary. However, the downfall in January shows bullish divergence with the current fall, promoting weak chances of an upside reversa...