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Bearish Divergence Appears on SHIB Chart; Good Time To Sell?

Shiba Inu rallied by 31%, together with other altcoins in the market.The price of SHIB now finds itself at a resistance level of $0.0000104.Technical analysis suggests that the...
Bearish Divergence Appears on SHIB Chart; Good Time To Sell? Bearish Divergence Appears on SHIB Chart; Good Time To Sell?

    • Shiba Inu rallied by 31%, together with other altcoins in the market.
    • The price of SHIB now finds itself at a resistance level of $0.0000104.
    • Technical analysis suggests that the price of SHIB may correct as a bearish divergence form on the chart.

Together with several other altcoins, Shiba Inu (SHIB) posted a decent gain for the first time in a while as its price rallied slightly. However, it seems the rally has ended around a resistance level, which ultimately could lead to a retracement for SHIB.

On June 21, SHIB’s price rallied by 31%. Other altcoins, such as Synthetix (SNX), Storj (STORJ), and Dogecoin (DOGE), to name a few, also rallied during this period.

Furthermore, the Relative Strength Index (RSI) SHIB produced higher lows while the price produced lower lows between May 12 and June 13 — creating a bullish divergence. This is what saw the price of SHIB rally the way that it did. However, this bullish move now faces a threat from two directions.

Firstly, SHIB’s price is struggling to rise above the $0.0000104 hurdle. A rejection at this level could ignite a 17% descent to around $0.0000095. Meanwhile, SHIB also produced lower highs between May 30 and June 21 and the RSI created higher highs.

This setup with the RSI and SHIB’s price is a bearish divergence, which further strengthens the argument that there may be a 17% downwards move and a retracement in general. Therefore, investors need to pay close attention to what SHIB’s price does today.

4-hour chart for SHIB/USDT (Source: TradingView)

Although SHIB’s situation looks bullish at the moment, investors need to pay close attention to the RSI on the 4-hour chart. A bearish divergence has appeared on the indicator, which suggests that there may be a correction. Should SHIB’s price close today’s daily candlestick above the $0.0000104 level, the price of SHIB could further rally by 33% to target $0.0000139.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

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01-07-2022 00:26:29 (UTC+7)

EUR/USD

1.0486

+0.0047 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0486

+0.0047 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2175

+0.0050 (+0.41%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/JPY

135.59

-0.99 (-0.73%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

AUD/USD

0.6911

+0.0030 (+0.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

USD/CAD

1.2867

-0.0024 (-0.19%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/JPY

142.18

-0.41 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

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EUR/CHF

1.0001

+0.0030 (+0.30%)

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↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (0)

Gold Futures

1,809.85

-7.65 (-0.42%)

Summary

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Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

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Silver Futures

20.360

-0.378 (-1.82%)

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Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

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Copper Futures

3.7010

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Neutral

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Buy (5)

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Indicators:

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Crude Oil WTI Futures

106.47

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Natural Gas Futures

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US Coffee C Futures

230.10

+1.85 (+0.81%)

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↑ Sell

Moving Avg:

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Indicators:

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Euro Stoxx 50

3,454.86

-59.46 (-1.69%)

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↑ Buy

Moving Avg:

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Indicators:

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Sell (3)

S&P 500

3,802.60

-16.23 (-0.43%)

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↑ Buy

Moving Avg:

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Sell (2)

Indicators:

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Sell (1)

DAX

12,783.77

-219.58 (-1.69%)

Summary

Neutral

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Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

FTSE 100

7,169.28

-143.04 (-1.96%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

US Small Cap 2000

1,712.10

-1.22 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (2)

IBEX 35

8,098.70

-89.30 (-1.09%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

BASF SE NA O.N.

41.525

-0.055 (-0.13%)

Summary

↑ Buy

Moving Avg:

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Bayer AG NA

56.72

-0.90 (-1.56%)

Summary

Neutral

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Allianz SE VNA O.N.

182.12

-1.60 (-0.87%)

Summary

Sell

Moving Avg:

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Adidas AG

168.76

-1.26 (-0.74%)

Summary

Buy

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Deutsche Lufthansa AG

5.564

-0.249 (-4.28%)

Summary

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Siemens AG Class N

97.09

-4.31 (-4.25%)

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↑ Sell

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Deutsche Bank AG

8.318

-0.253 (-2.95%)

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Neutral

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 EUR/USD1.0486↑ Buy
 GBP/USD1.2175↑ Buy
 USD/JPY135.59↑ Sell
 AUD/USD0.6911↑ Buy
 USD/CAD1.2867↑ Sell
 EUR/JPY142.18↑ Buy
 EUR/CHF1.0001↑ Buy
 Gold1,809.85↑ Buy
 Silver20.360↑ Buy
 Copper3.7010Neutral
 Crude Oil WTI106.47↑ Sell
 Brent Oil109.66↑ Sell
 Natural Gas5.703↑ Buy
 US Coffee C230.10↑ Sell
 Euro Stoxx 503,454.86↑ Buy
 S&P 5003,802.60↑ Buy
 DAX12,783.77Neutral
 FTSE 1007,169.28Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,712.10↑ Buy
 IBEX 358,098.70Sell
 BASF41.525↑ Buy
 Bayer56.72Neutral
 Allianz182.12Sell
 Adidas168.76Buy
 Lufthansa5.564↑ Buy
 Siemens AG97.09↑ Sell
 Deutsche Bank AG8.318Neutral
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