Shiba Inu Sellers Pitch Lower as The Crypto Price Declines
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Market Analysis – Sellers Takes Turn to Pull Lower
Sellers of Shiba Inu, a popular cryptocurrency, have recently gained momentum, causing the price to decline. The crypto price had been experiencing high volatility, trading up to the significant level of $0.00004600. However, the market has recently turned bearish and is now aiming back at the significant zone of $0.000020. The drastic turn in events occurred when buyers pulled out, leaving Shiba Inu lacking the major drive it had at the beginning of the year.
Shiba Inu Key Levels
Resistance Levels: $0.00004600, $0.0000390
Support Levels: $0.0000200, $0.00000650
Throughout January and February, the Bollinger Band tightened, indicating a period of consolidation and low volatility. However, close to the end of February, the buyers stole the show by breaking out. This extensive breakthrough was seen as buyers pushed through the market zone of $0.00001480. The bulls managed to pull through several other key levels, eventually reaching the significant zone of $0.00004600.
Currently, the presence of sellers suggests that it is time for the liquidity void to be filled again. The sellers are exerting strong pressure to break through the key level of $0.000020. This downward movement in price presents both challenges and opportunities for traders.
Market Expectation
With the help of forex signals, traders can gain insights into potential market movements and identify profitable trading opportunities. Although the sellers are currently in control, it is important to note that the Parabolic SAR Stop and Reverse indicator has not yet reversed. This means that buyers still have the potential to make a comeback into the scene at any moment.
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