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SHIB prices action shows the bearish retracement rally gaining trend momentum and teasing a downfall to the $0.000077 mark. Key technical points:
- The SHIB market price has decreased by 2.30% over the past 24 hours.
- The price action shows a bullish failure to sustain above the 50-day SMA.
- The 24-hour trading volume of Shiba Inu is $581 Million, indicating a rise of 14.65%.
Past Performance of SHIB
Reacting to the massive last week's recovery in the crypto market, the SHIB prices showcased a bullish turnaround from $0.0000077 on June 19th. The V-shaped rebound that followed pushed altcoin 63.5% higher as it reached the $0.000012 resistance. 
Source- Tradingview
SHIB Technical Analysis
SHIB buyers failing to exceed the 50-day EMA aligned with the $0.000012 resistance level resulted in an immediate reversal. The high and aggressive selling pushed the altcoin to below the supported level of $0.00001, warning of a prolonged downtrend. The critical SMAs 50, 100, and 200-days identified as orange, red, and black are in a bearish pattern, reflecting a solid downtrend. Additionally, the reversal trend's inability to sustain over the 50-day SMA shows a strong bear cycle in motion. The MACD and signal lines show an upward trend that reaches above the zero line but struggles to keep a positive alignment. Therefore, the indicator displays a bullish uptrend but warns of a bearish crossover. The RSI indicator indicates the slope retracing below the halfway line to test the fourteen-day average line. Therefore, the indicator reveals the weakness in buying pressure, removing points off the possibility of an uptrend. In a nutshell, the SHIB technical analysis shows a higher likelihood of a downtrend breaking the bottom support.
Upcoming Trend
If the daily candle remains below the breached resistance level of $0.000010, the extended correction could lower the SHIB price to $0.0000077. Resistance Levels: $$0.000001 and $0.0000012 Support Levels: $0.000009 and $0.0000077