SHIBA INU (SHIBUSD) Faces Continued Decline Amid Potential Bullish Retracement
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Price Analysis: SHIBA INU Anticipates a Bullish Retracement
SHIBA INU (SHIB) has been experiencing a persistent decline following the formation of a significantly lower high in early December 2024. The price action reflects a broader bearish structure, with key technical indicators suggesting potential short-term retracements but an overall continuation of downward momentum.
SHIBA INU Key Levels
Demand Levels: $0.00001830, $0.00000960
Supply Levels: $0.00002730, $0.00003400
The asset’s price history reveals a cyclical pattern. In March 2024, Shiba Inu reached a notable peak before entering a prolonged bearish phase that lasted until August 2024. At this point, the market experienced a reversal which initiated a bullish trend that steadily gained momentum. This upward movement persisted until the price reached a major trendline resistance, where it formed a significantly lower high.
Following this resistance test, SHIBA INU’s price action developed a classic head and shoulders pattern, a well-known bearish reversal formation. This setup triggered a decline, leading to the breach of the critical $0.00001830 demand level, reinforcing the bearish outlook.
Despite the prevailing downward trend, there are emerging signs of a potential short-term bullish retracement. The daily Relative Strength Index (RSI) indicates increasing momentum, suggesting that selling pressure may be temporarily weakening. Additionally, the failed low observed on the 4-hour timeframe further supports the possibility of a corrective move to the upside.
Market Expectation
Market Expectation The broader market structure remains in a downward trend. If the current trend persists, the SHIBA INU price is likely to target the $0.00000960 support level. This level serves as the next key demand zone.
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