#ChristmasMarketAnalysis The Shiba Inu price has declined since reaching a high of $0.0000345 in December (black icon), validating the $0.0000340 horizontal resistance area, which has been in place since 2022.
Shiba Inu moved above it during its yearly high of $0.0000456 in March (black circle) but failed to sustain the increase, creating a long upper wick. Relative to the yearly high, $SHIB
created a lower high in December.
Today, the Shiba Inu price reached the $0.0000218 horizontal support area after a 30% drop since its highs. This critical support area creates a horizontal range alongside the $0.0000345 one.
Technical indicators are also at a critical level. The Relative Strength Index (RSI) has reached 50 from above. If it breaks down, it will mean SHIB is in a bearish trend, especially if the price closes below the $0.0000218 horizontal support area.
However, the Moving Average Convergence/Divergence (#MACD ) is still bullish since it is above 50 and has not made a bearish cross.
Therefore, the weekly time frame is inconclusive in determining the future SHIB trend.