Although the memecoin frenzy has begun, Dogecoin and Shiba Inu have not made significant moves. As a result, these tokens lag behind their respective ATHs while other tokens are forming new ATHs. Now, as Bitcoin's price rebounds and begins to break through the psychological barrier of $100,000, these top memecoins have started to inflate. Timely, SHIB's price faced significant selling pressure after reaching the key resistance level, which could be a point of concern.
The current price trend indicates that SHIB has broken through the key resistance level of around $0.000027; an effective breakout may trigger short-term upward momentum. Meanwhile, bulls are supporting the rebound by providing sufficient buying pressure, thus offering enough support. However, the dominance of sellers remains high, which may push the token into bearish clouds.
Given that Shiba Inu's price is still in a decisive phase, will the bulls be able to successfully initiate a strong rise above the resistance level of $0.000035?
Currently, two major bearish crossovers are about to occur, which may intensify the ongoing bearish trend. First, the baseline and conversion line of the Ichimoku cloud are trending towards a bearish crossover, and second, the +Di and -Di levels of the DMI. Both ADX and RSI are showing a downward trend, while MACD indicates that selling pressure is slowly increasing. OBV (On-Balance Volume) has also sharply declined, indicating a substantial decrease in volume, further exacerbating the bearish momentum.
However, the higher target for SHIB's price remains above $0.000045; however, the token needs to maintain above $0.000035 to confirm the bullish trend. Meanwhile, a significant drop in Shiba Inu's price after BTC's adjustment could be a good sign, as investors are showing interest. This indicates an increase in demand for the token, which may shift the sentiment around the token from bearish to bullish.
If the market adjustment expands, it is expected that the Shiba Inu price will fall below $0.000025; otherwise, a more likely rebound could push the price back above $0.00003 and attempt to close the annual trading above $0.000035.
