The current situation of Shiba Inu (SHIB) in the market. Many recent sources and technical analyses confirm this decline, indicating that the currency is facing real selling pressure.
Overview of the current situation
* Price drop: Data indicates that the price of SHIB has decreased by between 10-21% over the past few weeks, and it is currently trading at levels below $0.00001300.
* Decreasing momentum: As I mentioned, the attempt to break the resistance failed, which is a negative signal. Technical indicators, such as the Relative Strength Index (RSI), show that the currency is in a bearish region, indicating weakness in buying pressure.
* Liquidations and sales: Liquidating long positions increases selling momentum, contributing to pushing the price down. It is noted that whales (large investors) have started to reduce their holding period for the currency, reflecting an increasing negative sentiment.
* Key support levels: The levels I mentioned at $0.00001300 and $0.00001250 are indeed critical support areas. If these levels are broken, we may see a drop to $0.00001150, which would increase the bearish pressure.
Is it just a decline or a significant setback?
Based on the data, this decline can be considered more than just a minor correction. Factors such as the failure to break out, increased selling, and weak technical momentum indicate that SHIB is experiencing a significant setback in the short term. To change this trajectory, the price needs a strong rebound accompanied by very high trading volume to re-break resistance levels.
Currently, traders should exercise extreme caution and closely monitor the mentioned levels.
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