According to CryptoPotato, Shiba Inu (SHIB) is facing a challenging market as sellers take control of the price action. The cryptocurrency recently broke through the support level at $0.0000075, turning it into a resistance level and creating a new low. This has intensified the downtrend and put sellers firmly in charge. If buyers do not return soon, SHIB may continue to make new lows.

The price found some relief at the support level of $0.0000070, but given the bearish momentum, it is uncertain whether this level will hold. If it does not, a possible reversal of the downtrend could occur at the $0.0000064 support level, which managed to stop sellers back in June.

The daily Moving Average Convergence Divergence (MACD) indicator had previously suggested a potential reversal last week. However, this was quickly negated as SHIB made a new low. The 3-day MACD is now firmly on the bearish side and accelerating downward. The bias for SHIB remains bearish, and investors should closely monitor the support levels at $0.0000070 and $0.0000064, with the latter having the best chance of stopping the current downtrend.