Shiba Inu (SHIB) is on the agenda again as a notable meme token in the cryptocurrency market. SHIB, which has recently tested an important support level, still draws a picture in favor of sellers according to general price predictions, although it is in the consolidation phase.
Recovery at SHIB
While maintaining the $0.0000017 level is critical for SHIB's recovery, Bitcoin's (BTC) bearish trend has weakened the strength of SHIB bulls. The relative strength index (RSI) on the daily chart has fallen below the 30 level and the market flow index (CMF) is at -0.14, indicating strong bearish momentum in the market. Additionally, the Shiba Inu broke below the ten-week price range at $0.00002 and the 78.6% Fibonacci retracement level remains under pressure from sellers, indicating that more losses are likely. If daily closings remain below this level, it is possible for SHIB prices to drop to $0.00001.
Critical Levels in SHIB
While liquidation levels at $0.00002 were triggered, it was observed that prices consolidated around $0.000018. However, this level could not be exceeded and prices moved towards the lower liquidity band around $0.0000175.
In the coming weeks, Shiba Inu has the potential to reverse the trend and reach pockets of liquidity at $0.00003. However, for this to happen, new lows must not be formed. For now, the strength of the bears is high and the possibility of the hopes of the bulls being broken continues.
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