Shiba Inu (SHIB) bulls are struggling to defend critical support levels as the token faces relentless selling pressure. Over the past four days, SHIB was unable to break the price range of $0.00004000 - $0.00003573, indicating weakening bullish momentum.
A sharp decline is imminent, with sellers eyeing the lower support area between $0.00002644 and $0.000025.
At support 0.000022 - 0.000021 this level represents a significant decline of 39% from the current price, which could potentially lead to huge losses for investors.
Current market conditions indicate a high possibility of a deeper correction. Here are the main factors contributing to the bearish outlook:
Persistent selling pressure:
SHIB's compulsion to break above the $0.00004000 - $0.00003573 range highlights the dominance of bears in the market.
Weakening bullish momentum:
Failure to sustain higher prices indicates a loss of purchasing power, thereby placing SHIB at risk of further downside.
Profit-taking behavior:
Short-term traders tend to sell their holdings to gain profits, further increasing selling pressure.
Traders and investors should be careful and adopt a risk-averse approach. The current bearish trend indicates a high probability of further price decline. A lower breakout support level could trigger a more significant selling action, leading to large losses.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
Additional points to consider:
The overall cryptocurrency market sentiment is currently bearish, which could further impact the price of SHIB
Investors should pay close attention to market developments and technical indicators to make informed trading decisions.
It is important to remember that the cryptocurrency market is highly volatile and unpredictable. Although the outlook for SHIB is currently bearish, market conditions can change quickly. Investors should always conduct their own research and implement risk management strategies before investing in any cryptocurrency.
