https://ift.tt/R2XCynk Inu (SHIB) Price Prediction: SHIB On The Way To Retest January Lows Near $0.000017

Shiba Inu’s (SHIB) price edges lower on Saturday with limited price action. SHIB test the crucial 20-day Simple Moving Average (SMA) at $0.000027 after the price has soared 63% from its January lows.

• SHIBA Inu (SHIB) falls for the third straight day on weekend.
• SHIB remains pressured near the double top at $0.000035.
• A break below 20-day SMA could retest January lows.

At the time of writing, SHIB/USD is trading at $0.000027, down 2.63%. The 24-hour trading volume of $1,208,869,678 the 14-largest cryptocurrency by market cap held below 32% as per the CoinMarketCap.

SHIB trades near critical level

On the daily chart, Shiba Inu (price) retests the reliable support area marking a healthy retracement from the swing highs of $0.000035. As SHIB retraced 18% after it surged 75% since February 4. The recent price action explores the demand zone that exists near $0.000028.

If the selling pressure persists then an immediate drop below the above-mentioned level would open the gates for the lows made on February 6 at $0.000022. The next hurdle is placed at some distant level of $0.000017.

On the other hand, SHIB bulls have been making constant efforts to defend the critical support-turn-resistance level around $0.000027. After retesting the swing highs of $0.000035, market participants will take out the $0.000040 horizontal resistance line.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) slips below the moving average on February 16. Currently, reads at 48 indicating the bear’s control.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline. However, any downtick in the indicator will support the bearish outlook.