- Shiba Inu faces a 35% decrease in trading volume.
- Bulls must surpass $0.0000270 for a bullish market structure.
Shiba Inu (SHIB) has been making waves, but recent days have seen a significant downturn, leaving investors on edge. The memecoin experienced a notable dump, hitting a 7-day low of $0.00002266, with a staggering 35% decrease in trading volume.
Analyzing the technical indicators, the daily Relative Strength Index (RSI) stands at 48, reflecting a delicate balance between bullish and bearish sentiment. Over a month, SHIB has suffered a 23% decline, despite a marginal 7% increase in the past week.
Bulls face a formidable challenge, needing to surpass a double roadblock and decisively reclaim levels above $0.0000270 to establish a bullish market structure. Should they succeed, the immediate target lies at $0.000031.
However, failure to overcome this hurdle could spell further trouble, potentially dragging SHIB back to $0.0000225. Sentiment analysis, as indicated by Santiment data, paints a bleak picture, with negativity prevailing and a rise in bearish bets against SHIB‘s price.
Moreover, there’s been a noticeable increase in sell-pressure, evidenced by a decline in the Supply on Exchanges metric.
In conclusion, Shiba Inu finds itself at a crossroads, with investors closely monitoring its trajectory amidst prevailing bearish sentiment and mounting sell pressure. The road ahead remains uncertain, with bulls seeking to defy the odds and reclaim lost ground, while bears stand poised to capitalize on any weakness.
