- Shiba Inu (SHIB) continues its downward trend, facing a lack of interest from buyers.
- The market exhibits critical support and resistance levels, shaping near-term price movements.
- Notable indicators suggest that without market intervention, the bearish trend is likely to persist.
Shiba Inu (SHIB) maintains a bearish outlook as market indicators show no imminent signs of reversal, highlighting vital support and resistance levels.
SHIB’s Continuous Bearish Momentum
Shiba Inu (SHIB) experienced a significant price decline of nearly 6% in the past week, prolonging its bearish momentum. The token currently finds support at $0.000014, a level that may attract buyers. However, until an optimistic shift occurs, the bearish sentiment is expected to dominate SHIB’s price action.
Seller Dominance in Market
Earlier this year, Shiba Inu benefited from substantial buying pressure, particularly around March. However, this trend reversed sharply in June when sellers gained control, driving the price to new lows. The ongoing dominance by sellers suggests that unless buyers actively push past the resistance at $0.000018, this trend could continue.
MACD Signals Unfavorable Market Conditions
Technical analysis through the weekly MACD (Moving Average Convergence Divergence) indicates persistent bearish conditions for SHIB. The MACD histogram continues to descend, signaling deeper bearish trends and suggesting that a market reversal is improbable in the near term. Only a higher low on the histogram could indicate a potential shift in market dynamics.
Conclusion
In summary, Shiba Inu (SHIB) remains under significant bearish pressure, with key support and resistance levels critically influencing its price movements. The dominance of sellers and unfavorable MACD readings underscore the continuation of this negative trend, unless substantial buying interest surfaces to challenge the prevailing bearish sentiment.
