- SHIB price falls amid bear dominance.
- Traders are cautious about buying as market capitalization drops.
- Bullish trend reversal is possible with the RSI trend and green candlesticks formation.
Bears dominated the Shiba Inu (SHIB) market on the last day, with the price falling from a high of $0.00001011 to an intra-day low of $0.000009839, where support was formed. At the time of analysis, SHIB was worth $0.000009942, a 1.29% increase.
SHIB’s market capitalization and 24-hour trading volume fell by 1.27% and 6.12%, respectively, to $5,859,558,195 and $96,413,298 during the downturn. This drop underscores traders’ concerns about a continuing bear run since they may be reluctant to buy in SHIBs given the present market circumstances.
If negative momentum breaks through the $0.000009839 support level, the following support to monitor is $0.000008560, which may lead to more selling pressure and a price decline. On the other hand, recovery over the present resistance level of $0.00001011 might signal a positive reversal and probable price rise, with the next barrier level to look for at $0.00001132.
SHIB/USD Technical Analysis
On the SHIB price chart, the Keltner Channel bands are moving south, with the upper, middle, and lower bars touching at $0.00001024, $0.00001001, and $0.00000978, indicating a period of low volatility and a potential breakout in either direction.
However, the price action forms green candlesticks as it moves from the lower band, suggesting that buyers are stepping in and pushing the price higher, which may indicate a bullish trend reversal.
The recent movement of the Relative Strength Index above its signal line and heading north with a value of 46.06 provides more support for the potential of a bullish trend reversal. This anticipation is because the RSI motion indicates that purchasing pressure is building and momentum is turning upward.
SHIB price struggles as bears dominate, but a potential bullish trend reversal may be on the horizon with increasing buying pressure and low volatility.
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Source: https://thenewscrypto.com/shib-price-plummets-bullish-reversal-sparks-buying-opportunity/