SHIBA INU (SHIBUSD) Takes a Nosedive
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Price Analysis: SHIBA INU/USD Faces Renewed Bearish Pressure After Bullish Breakout Reversal
SHIBA INU recently experienced a strong bullish surge from the $0.00001090 demand level, pushing the price into higher territory and breaking through multiple supply zones. The rally saw SHIBUSD surpass the $0.00002510 resistance level before briefly breaching $0.00003050. However, the bullish momentum proved unsustainable, as sellers capitalized on the price weakness, triggering a sharp bearish reversal that marked the beginning of a new downtrend.
SHIBA INU Key Levels
Demand Levels: $0.00001730, $0.00001090
Supply Levels: $0.00002510, $0.00003050
Following this shift in market sentiment, SHIBUSD entered a significant bearish phase, breaching key demand levels. The initial breakdown occurred at the $0.00001730 support zone, leading to intensified selling pressure. After this level was breached, a retest confirmed bearish dominance, resulting in another downward wave. On the 4-hour timeframe, the price structure illustrates a consistent formation of lower lows, with the bearish trend resistance further reinforcing downside pressure.
From a technical standpoint, the daily Moving Average reflects a bearish outlook, as SHIBUSD continues to trade below this key indicator. The prevailing bearish market structure suggests that the downtrend remains intact, with sellers maintaining control.
Market Expectation
Market ExpectationIf SHIBUSD breaches the $0.00001090 demand zone, it would signify a major structural breakdown, potentially leading to further decline. This move could open the door for new bearish territory, placing SHIBUSD at risk of deeper retracements. It is advised to monitor key support and resistance levels closely, as price action in the coming sessions will determine whether the bearish trend accelerates or stabilizes.
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