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Shiba Inu (SHIB) has been navigating turbulent waters in the crypto market since mid-April. With its price oscillating between the lows of $0.0000068 and the highs of $0.0000076, SHIB holders have been eagerly awaiting a breakout from this sideways movement. The question on everyone’s mind: Will sellers succeed in pushing SHIB out of its current zone?
Price analysis shows that since mid-August, SHIB has been grappling with a bearish market structure on both higher and lower timeframes. The ominous signs began with a sharp price rejection at the $0.00001 price zone, triggering a cascade of sell-offs that brought the price crashing below the once-strong support at $0.0000080.
The Relative Strength Index (RSI) has consistently remained below the neutral 50 mark, underscoring the relentless selling pressure. Furthermore, the Chaikin Money Flow (CMF) plummeted from positive to negative during this prolonged range-bound period.
Current SHIB Stats
As of the latest data available on CoinGecko, SHIB is trading at approximately $0.000007258220, showing a minor 0.2% decline in the past 24 hours and a seven-day dip of 3.1%. These figures indicate the prevailing bearish sentiment surrounding SHIB.
SHIB market cap reaches $4.2 billion. Chart: TradingView.com
The $0.0000080 level, which had previously acted as a stronghold for bulls, has now transformed into a formidable resistance barrier due to the sustained selling pressure. While SHIB has maintained a sideways trajectory since this resistance flip, the looming threat of further bearish activity cannot be ignored.
A successful bearish breakout could potentially lead SHIB to target the June low of $0.000006, the analysis notes. Conversely, if Bitcoin (BTC) stages a rally beyond $27,000, it might just be the catalyst for an unexpected bullish surge in SHIB’s current range.
SHIB Bulls Hold On To Optimism
On a more optimistic note, some analysts believe that if SHIB manages to hold support at $0.0000070, in conjunction with an ascending trendline, it could pave the way for a sentiment shift and potential price recovery, aiming for levels beyond $0.00001. The first crucial step towards this ascent is conquering the immediate seller congestion at $0.0000074.
Source: Coingecko
Shiba Inu (SHIB) remains firmly entrenched in a bearish market structure, with several indicators pointing to sustained selling pressure. However, the crypto world is known for its unpredictability, and market sentiment can shift rapidly.
Traders and enthusiasts alike will be closely monitoring these critical levels, hoping for a change in SHIB’s fortune, but with caution as they navigate the treacherous crypto waters.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
