- Shiba Inu (SHIB) shows signs of bearish momentum, losing ground after testing resistance near $0.00003100.
- Trading volume remains stable but indicates an increase in sell-side activity as prices retest the $0.00002850 support zone.
- Technical indicators suggest further downside risk unless SHIB holds critical support levels in the short term.
Shiba Inu (SHIB) experienced notable volatility over the past 24 hours, with the cryptocurrency struggling to sustain its gains above the $0.00003100 mark. Following an early push higher, SHIB faced selling pressure that drove its price toward $0.00002850, testing key support levels. The decline highlights growing uncertainty about whether buyers can defend against further downside.
Support and Resistance Levels in Focus
According to TradingView‘s recent data, SHIB’s recent price action has been characterized by its inability to break above the $0.00003100 resistance zone, which has held firm over the past week. The $0.00002850 level has now emerged as critical support, with multiple retests indicating heightened activity from traders at this range. A breakdown below this threshold could expose SHIB to deeper losses, potentially targeting $0.00002750 or lower in the near term.
Conversely, a rebound from the current support could pave the way for another attempt to breach $0.00003100. Analysts suggest that a close above this level could signal renewed bullish momentum, targeting higher resistance near $0.00003300.
Technical Indicators and Market Sentiment
Market sentiment around SHIB appears mixed, as trading volume remains steady but leans toward increased sell-side activity. Momentum indicators, including the Relative Strength Index (RSI), are trending downward, signaling bearish momentum. The RSI hovers near oversold territory, which could prompt a short-term bounce if buyers regain control.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover, suggesting that momentum is shifting in favor of sellers. Additionally, the 50-day Exponential Moving Average (EMA) is trending below the 200-day EMA, reinforcing a bearish outlook.
Outlook for SHIB
Shiba Inu’s price action over the coming days will likely depend on its ability to hold the $0.00002850 support zone. A sustained defense at this level could attract buyers looking for a potential recovery, while a breakdown may lead to extended losses. Traders are advised to monitor key resistance and support levels closely as the market reacts to prevailing bearish sentiment.
