Shiba Inu (SHIB) Price Analysis: Bears Dominate as Support Breaks Down
The price of Shiba Inu (SHIB) has experienced a significant drop, breaking below its previous support level and continuing to make lower lows. This has resulted in a bearish price action for the cryptocurrency.
Breakdown of Support
As soon as the support level at $0.0000071 was lost, the price of SHIB took a nosedive. This support level has now turned into a resistance, with buyers retreating at $0.0000065. The next key support level to watch for is at $0.0000065.
Bearish Price Actions
The recent price actions for SHIB have been bearish, with new local lows being established. There are no signs of a possible reversal at this time, and momentum indicators also indicate weakness in the market.
Sellers Dominate
The 3-day Relative Strength Index (RSI) for SHIB has consistently remained under 50 points since August, making lower lows. As long as this trend continues, sellers will dominate the price action. Buyers may become interested once the RSI approaches 30 points.
Bias
The bias for SHIB is currently bearish.
Short-Term Prediction for SHIB Price
If sellers maintain their grip on the price, it is likely that there will be a test of the support level at $0.0000065 in the near future. It will be interesting to see how the price performs over the coming week.
Hot Take: SHIB Continues to Face Bearish Pressure as Support Breaks Down
Shiba Inu (SHIB) has been facing significant bearish pressure, with the price breaking below its previous support level and making lower lows. Sellers currently dominate the market, and buyers have retreated at $0.0000065, which is now acting as a key support level. The 3-day RSI indicates weakness in the market, and the overall bias for SHIB is bearish. If sellers continue to hold control, a test of the support level at $0.0000065 appears likely in the short term. It will be important to monitor how the price of SHIB performs over the next week.
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