In this Shiba Inu price analysis, we explore the potential for the cryptocurrency’s price to decline further and examine the importance of a certain support level. As the market sentiment remains uncertain, it is crucial for SHIB to maintain this support level to avoid further downward movement. Stay informed about the latest Shiba Inu developments and market trends to assess the potential lows and anticipate any price fluctuations.
Title 1: SHIB Struggles to Find Support as Sellers Dominate
Title 2: Key Support Levels to Watch as SHIB Price Downtrend Continues
With sellers in full control of the price action, Shiba Inu (SHIB) is currently facing challenges in finding strong support. The cryptocurrency has experienced a breakdown and new lows, which has increased bearish momentum. At present, SHIB is struggling to reverse its downtrend and find stability in the market.
In terms of key support levels, $0.0000070 and $0.0000064 are crucial for SHIB. The support at $0.0000075, once broken, has transformed into a resistance level. This break has resulted in SHIB reaching new lows and has further intensified the bearish trend. Unless buyers step in soon, it is likely that SHIB will continue to make new lows.
Chart analysis shows that the support at $0.0000070 has provided some relief for SHIB, but given the strong bearish momentum, it is uncertain if this level will hold. In the event of a breakdown, the $0.0000064 support level becomes significant. This level has previously managed to halt selling pressure back in June, making it a potential reversal point for the current downtrend.
The momentum of sellers in the SHIB market has been increasing, with the daily MACD initially showing signs of a possible reversal last week, only to be quickly erased as SHIB made new lows. The three-day MACD is now firmly on the bearish side, accelerating downwards. This indicates a strong presence of sellers in the market and a continuation of the bearish trend.
The overall bias for SHIB is currently bearish, given the market conditions and price action. Short-term predictions for SHIB price are heavily dependent on the support levels at $0.0000070 and $0.0000064. These levels are crucial in determining whether the downtrend will continue or if a reversal is possible.
In conclusion, SHIB is facing challenges in finding support as sellers dominate the market. The cryptocurrency has experienced a breakdown and new lows, with key support levels at $0.0000070 and $0.0000064. The strong bearish momentum and increasing seller presence suggest a continuation of the downtrend. Traders and investors should closely monitor these support levels for potential reversals or further downward movement in SHIB’s price.