Shiba Inu (SHIB) Consolidates Above Key level of $0.000025 Amid Market Pressure
Shiba Inu (SHIB) is experiencing a tug-of-war between bears and bulls as the market reacts to broader economic cues. The current price of SHIB stands at $0.00002553, following a trend where the cryptocurrency was unable to hold the key level of $0.00002800 where it has been holding for the past week. This dip aligns with a general decline in the crypto market, spearheaded by Bitcoin’s recent price struggles.
SHIB Continues Testing Key Support of $0.000025,as Bulls Creep in
Shiba Inu (SHIB) 4-hour chart indicates that the digital asset is navigating a challenging phase. The price has been trending downward, as indicated by the series of lower highs and lower lows—a classic sign of a bearish momentum.
At the time of the latest candlestick, SHIB trades just above the crucial support level marked by the 200 Exponential Moving Average (EMA) $0.00002446. The 20 and 50 EMA lines are above the current price, suggesting they could act as immediate resistance levels if SHIB attempts to rise. Moreover, the recent crossover of the 50 EMA below the 100 EMA adds to the bearish sentiment, signifying that the downward trend could persist in the short term.
The technical indicators provide additional insight into the market sentiment. The Relative Strength Index (RSI) is hovering around 40, which is closer to the oversold territory but not yet indicative of a strong reversal signal. The Moving Average Convergence Divergence (MACD) shows the signal line below the MACD line and both drifting below the zero line—this configuration typically suggests that the bearish pressure is not abating just yet.
However, the RSI and MACD positions are not extreme, implying that while bears are in control, the market is not in a state of heavy sell-off. Traders might look for potential stabilization or a bounce off the 200 EMA support, which could provide a short-term relief rally. However, sustaining above this level is crucial for SHIB to avoid further declines.
However,on the 1-hour chart for Shiba Inu (SHIB), there’s a hint of bullish momentum creeping in as the price starts to pick up. Currently, SHIB’s price has edged up to $0.00002553, which represents a minor increase of 0.34%. This change is situated just above the Exponential Moving Average (EMA) of 20 periods, hinting at a potential shift in market sentiment toward the bullish side.
The Parabolic SAR, which provides potential signals for price direction changes, is showing dots above the price bars, indicating that the downward trend might be losing its grip.
Although the Bollinger Bands indicate a narrow range, suggesting low volatility, the price sitting near the lower band could mean that buyers might be considering this an opportune moment to enter the market. This is a critical juncture for SHIB as it struggles to break free from the bearish pressure. If this momentum continues, we might see SHIB attempting to test upper resistance levels marked by the higher EMA lines.
Shiba Inu (SHIB) faces a crucial juncture as it contends with bearish pressure, with potential for a breakthrough if current momentum persists. Today’s classical pivot point (P1) at $0.00002563 provides a reference point for traders, with support levels established at $0.00002398, $0.00002305, and the strongest support at $0.00002140. The resistance levels at $0.00002655, $0.00002820, and $0.00002913 represent zones where selling pressure could strengthen, hindering upward price momentum.
In the midst of the ongoing market downturn, on-chain data reveals a noticeable absence of Shiba Inu whales, coinciding with a drop in significant transaction activity. Whales, characterized by their substantial holdings of a particular cryptocurrency, typically exert influence on market dynamics through their buying and selling behaviors.
The decrease in Shiba Inu whale activity is evident as large transaction volumes remain notably subdued. Recent data from IntoTheBlock shows a 37.47% decline in Shiba Inu’s large transaction volume over the past 24 hours, totaling $227.11 million or 8.47 trillion SHIB. This decline in whale activity could signify a temporary pause, with significant holders possibly awaiting opportune moments to re-engage in the market.
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Shiba Inu (SHIB) is experiencing a tug-of-war between bears and bulls as the market reacts to broader economic cues. The current price of SHIB stands at $0.00002553, following a trend where the cryptocurrency was unable to hold the key level of $0.00002800 where it has been holding for the past week. This dip aligns with a general decline in the crypto market, spearheaded by Bitcoin’s recent price struggles.
SHIB Continues Testing Key Support of $0.000025,as Bulls Creep in
Shiba Inu (SHIB) 4-hour chart indicates that the digital asset is navigating a challenging phase. The price has been trending downward, as indicated by the series of lower highs and lower lows—a classic sign of a bearish momentum.
At the time of the latest candlestick, SHIB trades just above the crucial support level marked by the 200 Exponential Moving Average (EMA) $0.00002446. The 20 and 50 EMA lines are above the current price, suggesting they could act as immediate resistance levels if SHIB attempts to rise. Moreover, the recent crossover of the 50 EMA below the 100 EMA adds to the bearish sentiment, signifying that the downward trend could persist in the short term.
The technical indicators provide additional insight into the market sentiment. The Relative Strength Index (RSI) is hovering around 40, which is closer to the oversold territory but not yet indicative of a strong reversal signal. The Moving Average Convergence Divergence (MACD) shows the signal line below the MACD line and both drifting below the zero line—this configuration typically suggests that the bearish pressure is not abating just yet.
However, the RSI and MACD positions are not extreme, implying that while bears are in control, the market is not in a state of heavy sell-off. Traders might look for potential stabilization or a bounce off the 200 EMA support, which could provide a short-term relief rally. However, sustaining above this level is crucial for SHIB to avoid further declines.
However,on the 1-hour chart for Shiba Inu (SHIB), there’s a hint of bullish momentum creeping in as the price starts to pick up. Currently, SHIB’s price has edged up to $0.00002553, which represents a minor increase of 0.34%. This change is situated just above the Exponential Moving Average (EMA) of 20 periods, hinting at a potential shift in market sentiment toward the bullish side.
The Parabolic SAR, which provides potential signals for price direction changes, is showing dots above the price bars, indicating that the downward trend might be losing its grip.
Although the Bollinger Bands indicate a narrow range, suggesting low volatility, the price sitting near the lower band could mean that buyers might be considering this an opportune moment to enter the market. This is a critical juncture for SHIB as it struggles to break free from the bearish pressure. If this momentum continues, we might see SHIB attempting to test upper resistance levels marked by the higher EMA lines.
Shiba Inu (SHIB) faces a crucial juncture as it contends with bearish pressure, with potential for a breakthrough if current momentum persists. Today’s classical pivot point (P1) at $0.00002563 provides a reference point for traders, with support levels established at $0.00002398, $0.00002305, and the strongest support at $0.00002140. The resistance levels at $0.00002655, $0.00002820, and $0.00002913 represent zones where selling pressure could strengthen, hindering upward price momentum.
In the midst of the ongoing market downturn, on-chain data reveals a noticeable absence of Shiba Inu whales, coinciding with a drop in significant transaction activity. Whales, characterized by their substantial holdings of a particular cryptocurrency, typically exert influence on market dynamics through their buying and selling behaviors.
The decrease in Shiba Inu whale activity is evident as large transaction volumes remain notably subdued. Recent data from IntoTheBlock shows a 37.47% decline in Shiba Inu’s large transaction volume over the past 24 hours, totaling $227.11 million or 8.47 trillion SHIB. This decline in whale activity could signify a temporary pause, with significant holders possibly awaiting opportune moments to re-engage in the market.
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