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- Recently, the cryptocurrency market has seen notable fluctuations with Shiba Inu (SHIB) experiencing significant selling pressure.
- The support and resistance levels for SHIB are critical markers to watch as the market trend unfolds.
- A notable detail from recent market analyses highlights the persistence of bearish indicators, reflecting the ongoing seller dominance.
Shiba Inu (SHIB) is seeing intensified selling pressure, marking a substantial downtrend. Discover key support and resistance levels, and the implications of bearish indicators in our detailed analysis.
SHIB Reaches New Local Lows
Amidst intensified selling activities, Shiba Inu (SHIB) has failed to maintain its price above the critical resistance level of $0.000018. This failure has reaffirmed the descending trend as SHIB touches new local lows. The absence of significant buyer support suggests that market actors might only re-enter at the strong support level of $0.000014.
Bullish Turnaround Unlikely Amid Persistent Bearish Indicators
Analyzing the past month’s performance, it’s evident that the market is heavily steered by bearish momentum. The persistent red weekly candles underscore seller dominance. The daily RSI plummeting below 25 points, a nadir not witnessed since the bearish phase of 2023, further corroborates the negative sentiment currently prevailing in the market.
Mounting Bearish Momentum
Further validating this downtrend, the weekly MACD indicators reveal an augmentation in selling pressure. The histogram’s consistent lower lows and the unrestrained descent of moving averages emphasize the steep bearish trajectory. There are no imminent indicators suggesting a market reversal, hinting that the current bearish momentum might persist.
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Conclusion
In conclusion, the market sentiment for Shiba Inu (SHIB) remains firmly bearish with selling pressures contributing to new local lows. The resistance at $0.000018 serves as a formidable barrier, while the support at $0.000014 could be a potential point of rebound. Until the market demonstrates substantial buying support, the bearish indicators predominate the outlook for SHIB.
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