According to U.Today, Shiba Inu is currently facing downward pressure after failing to break through key resistance levels. This trend is marked by a descending triangle pattern on the charts, which typically indicates potential further declines. The descending triangle is often seen as a bearish signal, suggesting that sellers are more aggressive than buyers, resulting in progressively lower highs. At present, Shiba Inu is encountering resistance along the upper trend line of the triangle, with support established around $0.0000237. If this support level does not hold, Shiba Inu could potentially drop towards the next significant support at $0.000021.
The market sentiment for Shiba Inu appears to be leaning towards bearishness. A drop below $0.000021 could lead to a test of the $0.00002 mark. If the currency breaks down below this level, it could result in a more substantial loss, causing difficulties for market participants and Shiba Inu specifically. However, if Shiba Inu can generate enough buying pressure to reverse the current downtrend, a return to higher resistance levels such as $0.0000268 could be possible. This would require a significant shift in market dynamics, potentially driven by positive developments within the Shiba Inu ecosystem or broader market sentiment shifts.
Currently, volume trends for Shiba Inu have been relatively flat, which typically indicates a lack of conviction in the market's direction. An increase in trading volume, particularly on upward movement, could be a positive sign that a stronger rebound might be underway. However, this is only likely if the general market is also reversing upwards, which is not the case at present.