As a researcher with a background in technical analysis, I’ve been closely monitoring the SHIB market for some time now. And based on the current data and trends, I believe we are in for a prolonged period of bearish sentiment.
Sellers continue to dominate as they push SHIB to new local lows.
Key Support levels: $0.000014
Key Resistance levels: $0.000018
1. SHIB Makes New Lows
The selling pressure grew stronger, causing SHIB to slip below the $0.000018 mark, which has become a significant resistance level. This latest price decrease resulted in a new low, reinforcing the downward trend. At the moment, buyers are noticeably absent and may not reappear until SHIB reaches its current support at $0.000014.
2. Indicators are Bearish
Over the past four weeks, the weekly candles on the chart have been colored red, signifying that sellers have had the upper hand. This trend is further reinforced by the downward momentum in various indicators. Additionally, the daily Relative Strength Index (RSI) currently stands below 25 points, a reading last seen during the 2023 bear market.
3. Bearish Momentum Intensifies
In simpler terms, the MACD chart indicators on a weekly basis suggest that selling pressure is increasing. The histogram is forming lower lows, while both moving averages are rapidly declining without any indication of a potential turnaround. This downward trend may persist for an extended period.
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2024-06-24 11:23