- Shiba Inu has a bearish market structure on the daily chart and fell below the 10-week range lows.
- The magnet zone of liquidity at $0.00003 might not reverse Shiba Inu’s steady downtrend.
As an experienced analyst, I’ve seen my fair share of market trends, and based on the current Shiba Inu [SHIB] price action, I believe we are looking at a strong bearish trend. The daily chart shows that Shiba Inu has fallen below its 10-week range lows, indicating a significant downtrend.
At the present moment, SHIB‘s price was undergoing a test of its support level on the chart, yet this barrier seemed to have been breached.
As a crypto investor, I’ve been closely monitoring the market trends, and according to a recent analysis by AMBCrypto, the current consolidation phase for Shiba Inu could potentially bounce back. However, their price prediction still favors the sellers at this time.
To initiate a recovery, it’s crucial to protect the $0.0000017 region. Unfortunately, the bearish trend in Bitcoin (BTC) is undermining the confidence of Shiba Inu (SHIB) bulls and further tilting the market sentiment towards the bears.
What are the chances that the meme coin would post further losses?
Strong bearish pressure
As a researcher analyzing the financial markets, I’ve observed that the Relative Strength Index (RSI) on the daily chart has dipped below the 30 threshold, suggesting strong bearish momentum. Additionally, the Chaikin Money Flow (CMF) indicator stood at -0.14, signaling heavy outflow of capital from the market. Based on this data, it appears that further losses are imminent for the market.
As Shiba Inu dipped below its ten-week range low at $0.00002, the 78.6% Fibonacci retracement level, represented by the pale yellow line, approached a potential test at $0.0000172 due to increasing selling pressure.
If the meme coin’s daily closing price fails to finish above its current level, it may be a sign that the coin is on track for a full reversal, approaching the 100% retracement mark.
As a researcher studying the Shiba Inu market, I would caution that the outlook is growing increasingly bearish. It’s important for traders to brace themselves for potential price declines approaching the significant support level at $0.00001.
There might be hope for bulls
Prices dipped below the $0.00002 mark triggering liquidation levels last week. There had been some stabilization near $0.000018 previously, but the price failed to advance beyond that point.
Instead, they were attracted toward the smaller liquidity band at $0.0000175.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
A significant pool of liquidity, approximately equal to $0.00003, awaits Shiba Inu in the near future. The cryptocurrency could potentially break its downward trend and reach this level within the upcoming weeks.
To achieve an uptrend, Shiba Inu needs to halt creating fresh lows first. At present, bears hold significant power, potentially shattering bulls’ optimism in the upcoming weeks.
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2024-06-24 16:07