Shiba Inu (SHIB) Struggles to Break Out of Compact Range
Shiba Inu (SHIB) has been experiencing a period of consolidation in the crypto market, with its price moving between $0.0000068 and $0.0000076. Traders and investors are eagerly awaiting a breakout from this range, wondering if sellers will succeed in pushing SHIB out of its current zone.
Price Analysis Highlights Bearish Market Structure
Price analysis reveals that SHIB has been facing a bearish market structure since mid-August. The rejection at the $0.00001 price level triggered a series of sell-offs, causing the price to fall below the strong support at $0.0000080. The Relative Strength Index (RSI) has consistently remained below 50, indicating persistent selling pressure. Additionally, the Chaikin Money Flow (CMF) turned negative during this range-bound period.
Current SHIB Stats
According to CoinGecko, SHIB is currently trading at around $0.000007258220, showing a slight decline of 0.2% in the past 24 hours and a seven-day dip of 3.1%. These figures reflect the prevailing bearish sentiment surrounding SHIB.
The Future for SHIB
Despite the current bearish market structure and indicators pointing towards sustained selling pressure, the crypto market is known for its unpredictability. Market sentiment can change rapidly, so traders and enthusiasts will be closely monitoring critical levels in hopes of a turnaround for SHIB’s fortunes.
Hot Take: Shiba Inu Faces Uphill Battle in Crypto Market
Shiba Inu (SHIB) continues to struggle as it grapples with a bearish market structure. With indicators signaling ongoing selling pressure, the path ahead for SHIB remains challenging. However, the crypto market is volatile and subject to sudden shifts in sentiment. Traders and investors should proceed with caution as they navigate these uncertain waters.
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