Shiba Inu Faces Pullback as Sellers Return
Shiba Inu (SHIB) recently experienced a pullback as sellers regained control. The cryptocurrency made an attempt to break above the resistance level at $0.000037, but was stopped by the selling pressure. Now, bears are determined to push the price down towards the key support level at $0.000025.
Correction in Progress
Although this pullback may cause some concern, it is important to note that SHIB had a significant rally prior to this correction, quadrupling its price. Therefore, a correction is normal and not necessarily a cause for alarm. The key focus now is to monitor whether buyers will come back in force and defend the key support level. If they do, SHIB could resume its upward trend.
Daily MACD Signals Bearish Momentum
An analysis of the daily Moving Average Convergence Divergence (MACD) indicator reveals a bearish crossover. This indicates that the momentum is currently in favor of the bears. Until the histogram of the MACD begins to show higher lows, it is unlikely that the bearish sentiment will change.
Bearish Bias for SHIB
Considering the recent pullback and the bearish signal from the MACD, the overall bias for SHIB remains bearish at this time.
Short-Term Prediction for SHIB Price
The key support level at $0.000025 is now in focus for traders and investors. If this level holds, it could signal a potential resurgence in buying pressure and allow SHIB to overcome its current resistance level.
๐ฅ Hot Take: Will SHIB Hold Its Support?
As Shiba Inu faces a pullback and tests its key support level, the crypto community is eagerly watching to see if it will hold. Here’s what you need to know:
1. Sellers Return
– SHIB attempted to break above the resistance at $0.000037, but sellers prevented further gains.
– Bears are now determined to push the price down towards the key support level at $0.000025.
2. Correction in Progress
– The recent pullback is considered a normal correction after SHIB’s significant rally.
– Traders should monitor the key support level and watch for a potential resurgence of buying pressure.
3. Daily MACD Remains Bearish
– The daily MACD indicator shows a bearish crossover, indicating current downward momentum.
– The histogram needs to show higher lows for the bearish sentiment to change.
Bearish Bias for SHIB
– Considering the recent pullback and the bearish signal from the MACD, the overall bias for SHIB remains bearish.
Short-Term Prediction for SHIB Price
– Traders and investors are closely watching the key support level at $0.000025.
– If this level holds, it could signal a potential resurgence in buying pressure and help SHIB overcome its current resistance.
Remember that cryptocurrency prices are highly volatile and can change rapidly. It is important to conduct your own research and analysis before making any investment decisions.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
