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August 05, 2024 at 02:06PM Shiba Inu Price Drops 22%. Can it break the trend?
Shiba Inu Price Drops 22%. Can it break the trend?
Shiba Inu / Tether US WHITEBIT:SHIBUSDT
The 22% drop in Shiba Inu’s price over the last 24 hours results from bearish investors and similar market conditions. Signs of SHIB holder’s negative sentiment became evident following the shift in funding rate.
The funding rate indicates that SHIB investors have been anticipating a decline, with their expectations aligning with the recent drop in price. Their concerns about a downturn were realized as soon as the price turned red.
The Chaikin Money Flow (CMF) further illustrates that Shiba Inu investors have been actively withdrawing their investments. This trend of significant outflows highlights growing caution or dissatisfaction among the investor base.
Shiba Inu’s price at $0.00001105 fell below the support of $0.00001141, leaving the altcoin vulnerable to falling to the support of $0.00000898. This level has prevented further decline in the past, and SHIB could bounce back from it.
To recover and break the downtrend line, the meme coin must first turn $0.00001473 into support. Given the current challenges, this could be difficult, and SHIB might consolidate below this level.
On the other hand, if SHIB investors change their stance and turn bullish again, recovery is possible. Breaching the downtrend line would invalidate the bearish thesis and help reclaim lost profits.
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August 03, 2024 at 09:19AM Strong selling pressure
Strong selling pressure
SHIB / TetherUS BINANCE:SHIBUSDT
SHIBUSDT Shiba has faced a sharp decline in price, and as you can see, it is below its downward trend line and it has failed to break through identified resistance levels. This indicates strong selling pressure and decreased investor confidence.
Support and Resistance Levels:
Support Level: If the downtrend continues, the price is likely to reach the support level of 0.0000137885. This level acts as a key point to prevent further price declines.
Resistance Levels: To reverse the current downtrend, the price needs to break out of the descending channel and surpass important resistance levels at 0.0000150638 and 0.0000160392. Breaking through these levels would indicate a return of buyer strength and the potential start of an upward trend.
If the price fails to break through the key resistance levels, the selling pressure may continue to push the price downward. Conversely, if the price surpasses these levels, the likelihood of a trend reversal and an upward movement increases.
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