SHIBUSDT 2022 05 08 16 56 10 tflL5P

Shiba Inu Price Analysis: After Losing 25% Monthly, SHIB Could Drop Much Lower

After failing to maintain the critical support level, Shiba Inu’s native token crashed and is on a path to setting a new local low.
Key Support level: $0.000017
Key Resistance level: $0.000020
The support at $0.000020 turned into solid resistance on Saturday and today’s price action confirmed the breakdown with another daily red candle. The next key support is found at $0.000017 and SHIB, heading there, could find a temp relief upon reaching the support level.
Chart by TradingView
Technical Indicators
Trading Volume: The volume decreased as the price dropped. Generally, this is a bullish signal, but considering the overall bearish market conditions, it is better to wait for a reversal confirmation.
RSI: The daily RSI is quickly approaching the oversold area again (under 30 points). The last time it reached there, SHIB’s price bounced higher from this area.
MACD: The daily MACD is bearish, and the selling momentum is increasing, in contrast to volume. So long this continues, a rev

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