After a remarkable 384% surge from February 26 to March 5, Shiba Inu (SHIB) bulls are facing a formidable challenge. The past three days have witnessed immense selling pressure, preventing SHIB from reclaiming critical support levels between $0.00003997 and $0.00003590.
This bearish reversal indicates a high probability of a deeper correction. The bears are poised to drive the price down to lower support areas between $0.00002397 and $0.00002210, representing a significant decline from the recent high.
Retail and whale investors are offloading their holdings, prioritizing short-term gains over long-term investment. This profit-taking behavior further intensifies the selling pressure, exacerbating the downtrend.
Key factors contributing to the bearish outlook:
Failure to sustain critical support levels: SHIB's inability to hold above $0.00003997 and $0.00003590 indicates a loss of bullish momentum.
Overwhelming selling pressure: Retail and whale investors are actively selling their SHIB holdings, leading to a decline in price.
Profit-taking behavior: Short-term traders are prioritizing profits over long-term investment, further pushing the price down.
Traders and investors should exercise caution and closely monitor market developments. The current bearish trend suggests a high likelihood of further price decline. A breach of the lower support levels could trigger a more significant sell-off, leading to substantial losses.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Always conduct your own research before making any investment decisions.