Shiba Inu Bulls Face Obstacle with Sellers Likely to Take Turn
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Market Analysis – Sellers Are Ready to Take Charge
Shiba Inu bulls face obstacles, with sellers likely to take turns. Shiba Inu has captured the interest of many investors. However, like any other cryptocurrency, Shiba Inu is not immune to market fluctuations. The recent weeks have witnessed a fierce battle between the bulls and the sellers in the Shiba Inu market.
The buyers have shown strong resilience, putting up a serious fight against the sellers. Shiba Inu is currently trading at the significant level of $0.0000270, desperately looking for a way to escape the downward pressure. The bulls are currently tilted down in a descending flag channel, indicating a consolidation phase after a period of bullish expansion.
Shiba Inu Key Levels
Resistance Levels: $0.00003700, $0.00002900
Support Levels: $0.00001500, $0.00000600
The journey of the bulls began from the significant level of $0.00000900. They were fortunate enough to gain strength and pull through with a significant liquidity purge. The crypto market witnessed a surge in buying activity, pushing the price of Shiba Inu higher. However, as the buyers reached their limits, they were unable to push the price any further. This led to a gradual response to selling pressure, resulting in a descending channel formation.
Market Expectation
The stochastic oscillator suggests that the buyers are currently staying close to the overbought area. This indicates that they may be losing momentum and could potentially exit the market. Additionally, the Moving Averages Convergence and Divergence (MACD) have crossed out, signaling a potential reversal in the price trend.
Considering these indicators, it is likely that the buyers will pull out of the scene after trading close to the significant zone of $0.0000028000. If this scenario unfolds, it is plausible to see the price of SHIBUSD returning to the lower side of the descending channel. This would present an opportunity for sellers to regain control and potentially push the price further down.
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