Shiba Inu Bearish Momentum Builds as Price Faces a Potential Breakdown
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Price Analysis: SHIBUSD Bearish Momentum Strengthens Amid Consolidation and Trend Reversal Patterns
Shiba Inu (SHIBUSD) has experienced significant market shifts, characterized by a pronounced bearish decline from the $0.00002930 supply level in late May 2024. This marked the initiation of the latest bearish phase as the price transitioned into a consolidation period. However, bullish momentum resurfaced, driving the price above the $0.00001870 support level and scaling up to $0.00002930, breaching the prior resistance.
Shiba Inu Key Levels
Demand Levels: $0.00001870, $0.00001130
Supply Levels: $0.00002930, $0.00003700
Despite this upward movement, the bullish momentum was short-lived. The price reversed below the $0.00002930 supply level, retreating towards the $0.00001870 support. Along this trajectory, the market formed a head and shoulders pattern—a classic bearish trend indicator—signaling a shift in sentiment. This pattern further emphasized the weakening bullish momentum and the increasing dominance of sellers.
On the 4-hour timeframe, bearish price action has been reinforced as the market continues to print lower lows. Following a brief resurgence of bullish activity triggered by a rejection at the $0.00001870 support level, the momentum failed to sustain. A double-top pattern emerged, underscoring a strong bearish reversal and resumption of the downward trend.
The prevailing bearish momentum indicates the likelihood of further declines. The $0.00001870 support level, which has been tested multiple times, is anticipated to be breached as sellers maintain control. A breakdown below this critical level could open the path for SHIBUSD to target new lows, potentially intensifying the bearish sentiment.
Market Expectation
The SHIBUSD market is poised for further declines as bearish momentum intensifies. It is advised to monitor the $0.00001870 support level closely, as its breach could signal the continuation of the downtrend. Key resistance levels, including $0.00002930, will likely act as barriers to any bullish recovery attempts in the near term.
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