Shiba Inu (SHIB), a notable meme token in the cryptocurrency market, is recently testing a significant support level. According to a recent report, Shiba Inu’s consolidation phase may show improvement. However, overall price predictions still favor sellers.
SHIB Recovery
Defending the $0.0000017 level is critical for this recovery to begin. However, Bitcoin’s (BTC) bearish trend has weakened SHIB bulls, further negatively affecting market sentiment.
The relative strength index (RSI) on the daily chart fell below 30, indicating strong bearish momentum in the market. At the same time, the Chaikin Money Flow (CMF) was at -0.14, reflecting significant capital outflows from the market. Considering these indicators together, Shiba Inu is likely to experience further losses.
Shiba Inu fell below the ten-week price range at the $0.00002 level. Within this range, the 78.6% Fibonacci retracement level at $0.0000172 remains under seller pressure. A daily close below this level could indicate a drop towards the 100% retracement level. In this case, Shiba Inu’s price prediction will be more bearish, with prices potentially declining to the psychological support level of $0.00001.
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Critical Levels in SHIB
Liquidation levels around the $0.00002 level were triggered, and last week, prices consolidated around $0.000018. However, this level was not breached. Instead, prices moved towards the smaller liquidity band around $0.0000175.
In the coming weeks, Shiba Inu has the potential to reverse its trend and reach liquidity pockets at the $0.00003 level. However, for this to happen, Shiba Inu must stop forming new lows. At the time of writing, the bears’ strength was still very high, and the bulls’ hopes might be dashed in the coming weeks.
