SHIB/USD - A lower high is not a good news for anyone...

After the euphoria last week, we have entered the denial stage on SHIB. This is because in the past seven days, Shiba crashed by 24.3%. However, if we measure the drop from the all-time high at $0.00008854, which was also reached within the same weekly candlestick, this drop was over 50%. This signals Shiba has reached a local top, and it will take some time before a recovery can be expected.

The reason Shiba crashed so much is that it failed to push higher and was rejected at several key levels, which gave bears a lot of confidence to push the price lower. The cryptocurrency also broke below the descending triangle in blue and made the previous support resistance. After that, there was no way to stop the bears.

Right now, Shiba had a great bounce from the support at $0.000047, but it seems SHIB made a lower high... which is bearish. If bull don't step up to push higher, SHIB may fall lower still...

The bearish cross on the daily MACD is also concerning in the near future. So don't FOMO now...

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