Shiba Inu (SHIB), the popular cryptocurrency, has been navigating through turbulent waters in the crypto market since mid-April. With prices fluctuating between lows of $0.0000068 and highs of $0.0000076, SHIB holders are eagerly waiting for a breakout from this sideways movement. The question on everyone’s mind is whether sellers will succeed in pushing SHIB out of its current zone.
A price analysis reveals that SHIB has been struggling with a bearish market structure since mid-August on both higher and lower timeframes. The ominous signs began with a sharp price rejection in the $0.00001 price zone, triggering a cascade of sell-offs that brought the price below the once-strong support at $0.0000080.
The Relative Strength Index (RSI) has consistently remained below the neutral 50 level, highlighting the persistent selling pressure. Additionally, the Chaikin Money Flow (CMF) plunged from positive to negative during this extended period.
According to the latest available data on CoinGecko, SHIB is trading at approximately $0.000007258220, representing a slight decline of 0.2% in the last 24 hours and a 3.1% decline over the past seven days. These numbers reflect the prevailing pessimistic sentiment surrounding SHIB.
The $0.0000080 level, which previously served as a stronghold for bulls, has now transformed into a formidable resistance barrier due to ongoing selling pressure. While SHIB has maintained a sideways trend since this resistance flip, the looming threat of further bearish activity cannot be ignored.
A successful downside breakout could potentially lead SHIB to target the June low of $0.000006. On the other hand, if Bitcoin (BTC) stages a rally beyond $27,000, it could serve as the catalyst for an unexpected upward surge in SHIB’s current range.
Looking at a more optimistic perspective, some analysts believe that if SHIB manages to hold the support at $0.0000070 in conjunction with an ascending trendline, it could pave the way for a sentiment shift and a potential price recovery aiming for levels above $0.00001. The first crucial step toward this ascent would be overcoming immediate selling pressure at $0.0000074.
Shiba Inu (SHIB) remains firmly entrenched in a bearish market structure, with several indicators pointing to continued selling pressure. However, the crypto world is known for its unpredictability, and market sentiment can change quickly.
Traders and enthusiasts will be closely watching these critical levels, hoping for a change in SHIB’s fate but exercising caution as they navigate the treacherous waters of cryptocurrency.
(Note: The content of this website should not be taken as investment advice. Investing carries risks, and your capital is at risk.)
