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Shiba Inu (SHIB) Price Breakthrough Failed: What's Next?

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Tue, 7/05/2024 - 10:42
Shiba Inu (SHIB) Price Breakthrough Failed: What's Next?
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Shiba Inu has failed to break through key resistance levels and is now experiencing downward pressure. This movement is characterized by a descending triangle pattern on the charts, indicating potential further declines.

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The descending triangle, typically viewed as a bearish signal, suggests that sellers are more aggressive than buyers, leading to progressively lower highs. Currently, SHIB is facing resistance along the triangle's upper trend line, while support has been established around $0.0000237. If this support level fails to hold, there is a strong possibility that SHIB could drop toward the next significant support at $0.000021.

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SHIB/USDT Chart by TradingView

Shiba Inu’s market sentiment appears to be tilting toward bearishness. A breach below $0.000021 could lead to a test of the $0.00002 mark. The potential for a breakdown below this level could set the stage for even more of a substantial loss, bringing some troubles for market participants, and for SHIB specifically.

On the flip side, if SHIB can gain enough buying pressure to reverse the current downtrend, a return to higher resistance levels such as $0.0000268 could be possible. This would necessitate a significant shift in market dynamics, potentially driven by positive developments within the Shiba Inu ecosystem or broader market sentiment shifts.

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Monitoring volume right now could be the best way to predict an upcoming move for Shiba Inu. Currently, volume trends have been relatively flat, which typically suggests a lack of conviction in the market's direction. An increase in trading volume, especially on upward movement, would be a positive sign that a stronger rebound might be underway, but only if the market in general is reversing upwards, which is not the case for now, unfortunately.

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