The latest price action for Shiba Inu Coin (SHIB), looking at key technical indicators and market signals on the daily and four-hour timeframes. We will focus on the role of the Ichimoku Kinko Hyo cloud pattern, the meaning of the turning point plateau, and recent exchange deposit address trends to provide a comprehensive outlook for Shiba Inu Coin prices.

First, let’s take a look at the SHIB trend on the daily and four-hour time scales. Currently, the price of SHIB is $0.00002393. It is worth noting that the price has failed to enter the daily uptrend Ichimoku Kinko Hyō cloud, which is a major support level.

The price is currently approaching a medium-term support level, represented by the red Tenkan-sen platform on the chart. The Exponential Moving Average (100 EMA) of the daily data is a key medium-term support level for the SHIB price.

The Tenkan-sen or turning line is a key element of the Ichimoku system in technical analysis. It represents the average of the highest and lowest prices over the past nine periods, providing a short-term view of price trends.

Plateau Formation: When the turning line levels off, it indicates a balance between buyers and sellers, creating a significant market level.

Support Level: If the price is above the Tenkan-sen platform and turns down, the platform can act as a support level and buyers are likely to step in.

Resistance Level: If the price is below the Tenkan-sen platform and moving upwards, the platform can act as a resistance level and sellers may step in.

On the four-hour chart, we see a similar pattern. The price is currently trying to move below the Ichimoku cloud, which could accelerate the downside move in price. If this level is tested, the lower boundary of the cloud pattern will become a key support to watch.

Moreover, the price has declined below the 100 EMA on the four-hour chart, which is also a bearish sign.

These combined signals emphasize the importance of this area as resistance. A breakout above this area could spark a massive 10% to 20% rally. Conversely, if the price remains below the “Four-Hour 100 EMA” area, it could indicate a continuation of the bearish trend that could lead the SHIB to $0.00002000.

The SHIB/BTC chart also shows a bearish signal for Shiba Inu Coin against Bitcoin. SHIB/BTC tested the lower limit of the day’s high and is currently trying to break below the 100 EMA, indicating a bearish outlook for SHIB.

If the price enters a bullish cloud pattern and Bitcoin price rises to $70,000, SHIB could break out of the $0.0000265 price range. However, if these conditions are not met, the bearish outlook for the asset is likely to persist.

The chart shows that the number of exchange deposit addresses reached a significant peak at the end of May. This sudden increase indicates that many Shiba Inu coin holders are moving their coins to exchanges.

Potential selling pressure: Historically, a surge in custodial addresses often precedes a wave of selling in related assets. When holders move tokens to exchanges, they often liquidate their positions, which creates selling pressure in the market.

Bearish impact: The recent surge in deposits suggests that more SHIB holders may be preparing to sell their assets. A large number of sell orders will increase the supply on the exchange, which may lead to a price drop if demand does not match supply.

The current price action indicates a bearish trend, especially as the price attempts to break below the Ichimoku Kinko Hyo cloud on the four-hour chart. The recent break below the 100 EMA on the four-hour chart also reinforces the bearish outlook. If the price fails to sustain above the asset's key support levels, including the lower band of the four-hour Ichimoku Kinko Hyo cloud, watch out for further declines.

However, if SHIB manages to reenter the daily Ichimoku Kinko Hyo cloud, the bearish outlook may be cancelled. A key level to watch is the upper boundary of the daily Ichimoku Kinko Hyo cloud at $0.0000265. A break above this level may turn the outlook to neutral or even bullish.