The Reason Behind Shiba Inu (SHIB) Price Plummet Today: Analysis

SHIB is experiencing a sharp pullback, but on the weekly chart it remains in green.

Key Support levels: $0.000014

Key Resistance levels: $0.000020

1. SHIB Pullback in Progress

After a strong performance last week, SHIB is experiencing a pullback. While this drop is significant, the chart still shows a 7% price increase over the past seven days. Ideally, buyers will return soon to help SHIB make a higher low.

2. Uptrend Remains Intact

With good support at $0.000014, SHIB has a chance to continue higher later on. The biggest challenge is the resistance at $0.000020. This level was tested at the end of September, but bears stood firm there during this first attempt at a breakout.

3. Sellers Dominated This Week

If we look at the daily volume, we can see that sellers dominated in four out of the past seven days. The good news is that the bulk of the selling pressure may be behind us, and SHIB can start to form a base from which it can aim again at the current resistance. A second test at $0.000020 could see the price break above it.

For more updates on the ecosystem, make sure to check out our Shibarium news.