Shiba Inu faces resistance at the 50-day EMA, signaling potential bearish continuation ahead.
Large holder outflows rise by 53%, signaling stronger bearish sentiment in Shiba Inu’s market.
Despite recent recovery, Shiba Inu struggles as bears dominate the market sentiment.
Even after a recent jump in price, Shiba Inu (SHIB) is showing signs of bearish pressure. The meme coin saw a 6.87% increase over the last week, but has now hit serious resistance. The bearish trend is evident on the daily chart, with SHIB trading within a falling channel.
Currently, Shiba Inu’s price is staying at $0.00001431, down 3.26% in the last 24 hours. This comes after a 6.70% drop in the last two days. The coin is struggling to break through the 50-day exponential moving average (EMA), which is acting as a resistance level. The evening star pattern at this EMA suggests higher price rejection, pointing towards a potential bear cycle.
In the short term, Shiba Inu is consolidating between the 20-day and 50-day EMAs. The price action reveals a pullback in the 1-hour chart, with the SHIB price tracing back below the 50% Fibonacci retracement level. The next support levels are ide…
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