Shiba Inu Buyers Show Resilience Amidst Bearish Pressure
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Market Analysis – Buyers Show Strong Resilience
Shiba Inu buyers show resilience amidst bearish pressure. The buyers have displayed an instant reaction following a recent bearish purge in the crypto market. While the crypto price exhibits signs of weakness, giving sellers an advantage, buyers have remained determined. However, the new season started on a weak note for Shiba Inu.
Shiba Inu Market Levels
Resistance Levels: $0.00001210, $0.000001090
Support Levels: $0.00000940, $0.000006580
Sellers stepped in around the $0.000001090 price level as buyers failed to breach it. Despite this setback, the bulls have maintained a positive inclination throughout the previous month. Since the start of December, buying momentum has rallied from above the significant level of $0.00000760. The bulls have demonstrated a strong and steady flow in the crypto price, propelling it forward.
However, a bearish purge occurred, pushing the price down to a significant zone around $0.00000850. On the daily chart, buyers are gradually building back up after sellers make their presence known. This resurgence could potentially spark a revival if more buyers inject intensity into the Shiba Inu market.
The stochastic RSI (Relative Strength Index) indicates that sellers are closing out their positions, creating an opportunity for buyers to regain control. The Chainkin Money Flow indicator remains in the positive zone, suggesting overall positive sentiment in the market.
Market Expectation
In the short time frame, the bulls have regained their footing and are poised to mount a strong defense against the sellers. Shiba Inu is more likely to regain stability and strengthen its position.
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