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March 01, 2025#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Market Expectation#Price Action#Price Analysis#Technical Analysis

SHIBA (SHIBUSD) Abounds in Markdown Phase

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SHIBA (SHIBUSD) Abounds in Markdown Phase

Price Analysis: Price Analysis – SHIBA Continues Downward Trend 

SHIBA continues to exhibit a downward trend, characterized by a series of lower highs and lower lows. Notably, the price formed a range above the critical support level of 0.0000240, which was subsequently followed by a sudden spike upwards, creating an upthrust. However, this upthrust ultimately transformed into a downward trend, as the bears successfully drove the price to attack the demand level of 0.0000130.

Key Levels for SHIBA

Supply levels: 0.0000230, 0.0000330
Demand Levels: 0.0000130, 0.0000090

SHIBA (SHIBUSD) Abounds in Markdown Phase

In December, the upthrust formed a higher high, which was contrary to the Relative Strength Index (RSI) lower high. At this instance, the RSI was laid in the overbought region. This divergence signalled a weakness in the market, indicating a potential reversal. Furthermore, prior to the aggressive price dip, the Smoothed Heikin Ashi candles displayed a red tag, indicating an impending price crash. Consequently, the price dipped, resulting in a shift in market structure.

At the key level of 0.0000240, the market experienced a redistribution, taking the pattern of an expanding channel. This led to further shorting, exacerbating the downward trend.

SHIBA (SHIBUSD) Abounds in Markdown PhaseMarket Expectation

The price has currently tested the major support level of 0.0000130. Notably, this key level prevented a further price dip last August and September, where the price formed a double bottom before turning bullish. At this critical juncture, it is essential to watch out for a breakout, which could lead to a continuation of the downward trend or a change of character, resulting in a reversal. If a breakout ensues, the price is expected to reach the next support level at 0.0000090. Conversely, a rejection at this level could lead to a bounce, potentially reversing the current downward trend.

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