SHIB price (Shiba Inu) is struggling below the $0.000008 resistance against the US Dollar. Shiba Inu could start a recovery wave if it settles above $0.000008.
- Shiba Inu price extended its decline and tested the $0.0000074 zone against the US Dollar.
- The price is now trading below $$0.000008 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair (data source from Kraken).
- The pair could start a recovery wave if it clears the $0.0000078 and $0.0000080 levels.
SHIB Price Faces Uphill Task
In the past few days, SHIB price saw a steady decline below the $0.0000088 level. The bears were able to push the price below the key support at $0.0000080.Finally, Shiba Inu found support near the $0.0000074 zone. A low is formed near $0.00000739 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. It is now consolidating near the 23.6% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
However, SHIB price is trading below $$0.000008 and the 100 simple moving average (4 hours). Besides, there is a key bearish trend line forming with resistance near $0.0000077 on the 4-hour chart of the SHIB/USD pair. On the upside, the bears are protecting the $0.0000077 level and the trend line. The next major resistance is near the $0.0000078 level or the 50% Fib retracement level of the downward move from the $0.00000845 swing high to the $0.00000739 low.
