SHIBA (SHIBUSD) Price Continues Downward Spiral
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Price Analysis: SHIBA Approaches $0.000012770
SHIBA surged to a high of $0.00003355, marking a significant milestone in its upward trajectory in December. However, a notable RSI (Relative Strength Index) divergence appeared on the daily chart, signalling a potential reversal. Specifically, while the price action formed a new high relative to November’s high, the RSI displayed a lower high, indicating weakness in the market. This bearish divergence preceded the subsequent price downturn. The RSI divergence served as a warning sign, hinting at a potential reversal in the market.
SHIBA INU Key Levels
Supply Levels: $0.00001945, $0.000024730, $0.000033550
Demand Levels: $0.00001277, $0.000008450, $0.000006290
The December peak of $0.00003355 pushed against the overbought Bollinger Band, triggering a price correction that ultimately led to a bearish shift in market structure. As the price retreated from this level, it became clear that the market was undergoing a significant transformation.
Demand Levels: $0.00001277, $0.000008450, $0.000006290
The December peak of $0.00003355 pushed against the overbought Bollinger Band, triggering a price correction that ultimately led to a bearish shift in market structure. As the price retreated from this level, it became clear that the market was undergoing a significant transformation.The price then retreated to the previous resistance level of $0.00001954, which temporarily acted as a support level. After multiple bounces off this level, a double top formed. Eventually, the new support gave way after a second test of the resistant Bollinger Band above the temporary support level.
Market Expectation
Market ExpectationOn the lower timeframe, a bearish breakout has been confirmed from a supporting trendline. As a result, the price is now targeting the next support level of $0.00001200. This level represents a crucial support point, and a break below this level could lead to further downside momentum. The price action provides a good setup for the best crypto signals.
The bearish breakout has been accompanied by a significant increase in selling pressure, which has pushed the price lower. As the price continues to decline, it is likely to test the next support level, where buyers may attempt to stage a rebound. However, if the selling pressure persists, the price may continue to decline, potentially targeting lower support levels.
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