According to CryptoPotato, Shiba Inu (SHIB) is experiencing a continued dominance of sellers, pushing the cryptocurrency to new local lows. The key support level is currently at $0.000014, while the key resistance level is at $0.000018. The selling pressure has intensified, leading to the inability of buyers to maintain SHIB above the key resistance level. This has resulted in a lower low, further confirming the ongoing downtrend. The return of buyers is anticipated only when SHIB reaches the current support level.
The past four weeks have seen the dominance of sellers, as indicated by the red weekly candles. This is further reflected in the bearish momentum indicators. The daily Relative Strength Index (RSI) is currently under 25 points, indicating an oversold condition. This level has not been seen since the bear market of 2023.
The bearish momentum is intensifying, as indicated by the weekly Moving Average Convergence Divergence (MACD). The histogram is making lower lows, and the moving averages are in a free fall. There are no signs of a potential reversal, suggesting that this bearish momentum could persist for some time. The current market conditions for SHIB are reflective of the increased selling pressure and the absence of buyers.
