SHIBA (SHIBUSD) Anticipates Further Bearish Trend
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Price Analysis: SHIBUSD Bearish Trend Persists Despite Short-Term Bullish Momentum
SHIBA has been experiencing a significant downturn, starting from the $0.00003320 supply level. The downturn led to a break below key support at $0.00002540.
SHIBA INU Key Levels
Demand Levels: $0.00001650, $0.00001000
Supply Levels: $0.00002540, $0.00003320
Following the bearish breakdown, the formation of a double-top pattern further solidified the bearish bias, leading to an extended downtrend. As the price continued its descent, it breached the $0.00001650 demand level and is now approaching the critical $0.00001000 support zone.
Despite the prevailing bearish sentiment, technical indicators suggest a temporary shift in momentum. The daily Relative Strength Index (RSI) reflects an increase in buying pressure, indicating growing interest from buyers aiming to push the price higher.
Additionally, the 4-hour timeframe shows price movement above a previous high, hinting at the potential for a short-term uptrend. However, this price action is currently interpreted as a pullback rather than a reversal, as selling pressure continues to dominate the broader market structure.
Further confirmation of bearish dominance is evident in the daily Moving Average (MA), which remains positioned above the current price, signaling a continuation of the downward trend.
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