Shiba Inu (SHIB) Price Prediction: SHIBUSD Struggles to Break Past the $0.0000190 Resistance Area

Shiba Inu price struggles continued on Monday as it declined by 1.5 percent to trade at $0.0000187 at the time of writing.

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Shiba Inu (SHIB) price continued its struggle on Monday, declining by 1.5 percent and trading at $0.0000187 at the time of writing. Despite multiple attempts throughout the past week, the meme coin faced resistance near the psychological mark of $0.0000190. A decisive break past this level could pave the way for further gains.

Having said that, SHIBUSD gained over 6 percent in the past week. Furthermore, the current price is positioned above the 20 and 50 Exponential Moving Average (EMA) levels, indicating an underlying bullish momentum that may provide support and minimize near-term declines.

Much will depend on the performance of the crypto market bellwether, Bitcoin (BTC), as it attempts to break into the $70k range. This could instill a positive sentiment within the market, aiding Shiba Inu price in overcoming the psychological resistance at $0.0000190.

On the downside, however, SHIB price will also be facing pressure from fellow meme coin, Dogecoin (DOGE). Dogecoin’s performance spiked in the last week, garnering 37 percent gains on positive sentimental momentum. This saw it emerge as the best performer among the top 15 crypto assets during that period. Therefore DOGE currently offers a better proposition than Shiba Inu, which could weigh down on the latter among meme coin enthusiasts.

Shiba Inu price technical analysis: Bearish momentum likely to persist

The Relative Strength Index (RSI) indicator on Shiba Inu price signals that the sellers are currently in control. The decline will likely persist if resistance continues to be at 0.0000189. The downside will likely find initial support at 0.0000184, but a stronger downward momentum could break below that level to test 0.0000182.

On the other hand, a move above 0.0000189 will signal the onset of bullish control. In that case, the first resistance will likely be at 0.0000191. However, an extended control by the buyers could break above that mark and render the downside narrative invalid. Meanwhile, the upside could extend to encouter the next resistance at 0.0000194.

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