Shiba Inu (SHIB) Remains Stuck to Bearish Pressure
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Market Analysis – SHIB Price Drops Below $0.00002800 Support Level
Shiba Inu remains stuck to bearish pressure. The price action has remained stuck in a prolonged bearish pressure after failing to sustain above the critical $0.0000500 resistance level. Bears have exerted stronger selling pressure pushing SHIB price lower towards the next key support level of $0.00002800.
Shiba Inu Key Zones
Resistance Zones: $0.00003790, $0.00002810
Support Zones: $0.00001990, $0.00001460
The late February breakout above $0.00001460 key level provided a glimmer of hope for bulls to stage a meaningful recovery. However, sellers dominated proceedings since the beginning of March, erasing those bullish gains. On the daily chart, the stochastic oscillator has started drifting deeper into oversold territory, highlighting its bearish grip.
If selling momentum gathers further pace in the ensuing sessions, we could see the SHIB price tumble below the $0.00002800 significant zone. A daily close below this level will validate further downside towards the next supports of $0.00002100 and $0.00001800 respectively.
On the flip side, bulls need to regain control and drive price back above $0.00003500 to ease downside pressure. This could put Shiba Inu on the path to retest intermediate resistances at $0.00004000 and $0.00004500 in the short-term.
Market Expectation
Unless there is a strong upside correction from current levels, bears are likely to drag the Shiba Inu price further below the $0.00002800 support. Traders are advised to remain cautious and wait for trend confirmation before entering fresh long positions. Downside risks prevail as long as SHIB stays below $0.00003500 resistance levels.
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