Shiba Inu (SHIB) Weekly Price Analysis: Can SHIB Reach the $0.0000200 Target?

• Shiba Inu (SHIB) continues its downward price trajectory.
• Weekly trend shows persistent selling pressure and bearish momentum.
• Immediate support sits between $0.0000075 and $0.0000078.
• RSI and MACD indicate weakening downside, hinting at potential consolidation.

Shiba Inu (SHIB) continues its downward price trajectory, showing a notable decline in value. Over the past 24 hours, SHIB has dropped nearly 4.56%. Weekly performance also reflects weakness, with the token down 7.43%, signaling persistent selling pressure among traders and investors.

Currently, Shiba Inu is trading at $0.000007838. It is observed that the 24-hour trading volume of SHIB has seen a massive surge of 23.52%, and now it stands at $124.94 million. However, the market capitalization of SHIB has dropped by 4.47% to $4.61 billion.

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Technical Levels Highlight Bearish Control

On the weekly timeframe, SHIB remains in a clear downtrend, trading below the EMA 9 and the full SMA ribbons 20, 50, 100, and 200. Momentum remains bearish, characterized by consistent lower highs and lower lows. Near the current price of $0.000007843, sellers still control the structure, and higher timeframe charts show no confirmed reversal signals.

Immediate support is located at $0.0000075 to $0.0000078, and is currently being tested by price action. A strong close below these levels will unleash further support levels of $0.0000065 to $0.0000068. A failure here will make way for macro accumulation levels of $0.0000055 to $0.0000060 to stabilize prices.

Upside recovery faces layered resistance beginning at $0.0000095 to $0.0000100, which is a psychological and moving average resistance level. A break above will target $0.0000120 to $0.0000140. A full trend change will require a re-test of $0.0000180 to $0.0000200, which is a major weekly SMA and a region of high overhead supply before a trend change can be accomplished.

Shiba Inu Indicators Suggest Potential Relief

Its weekly RSI is approximately 34, which is below the mid-level of 50, hence a bearish indicator. However, it is close to being oversold, which is approximately 30. This makes it likely to experience a short relief rally if it indeed becomes oversold.

The weekly MACD remains below the signal line, thus further supporting the view that a bearish trend is in effect. However, the fact that the histogram is shrinking indicates that the bearish momentum is reducing. It is observed that the flattening activity in the MACD graph often takes place when the markets are nearing the final stages of a trend reversal.

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