The crypto space again appears to have descended under the bearish influence as the major crypto lose their respective gained levels. While Bitcoin price is hovering around the $17,500 level, Ethereum price has dropped below the $1300 mark. Meanwhile, the Shiba INU price which has been bearish for quite a while is expected to slash hard offering a good buy opportunity.
The SHIB price rally appears to have weakened to a large extent wherein the sellers tend to place bets with high leverage to drag the price lower. Along with the price remaining within the bearish captivity, the trading volume also suffered a huge drop of more than 31% which is largely composed of selling pressure as the buying volume has waned off.
However, in the coming couple of days, the sellers are believed to gain more influence to drag the price lower.
The technical indicators on the daily chart suggest that the popular meme coin is all set to pull a massive leg down. The RSI is below the neutral in the daily chart, trading within a stagnant trend, pointing towards the south. Meanwhile, the MACD is also flashing bearish signals as a crossover is yet o take place which may drag the price below the immediate support at $0.000008 or even lower.
Besides, a slight increase in traders’ sentiments is witnessed as the daily active address recorded a steep drop in the past couple of days. The addresses which had spiked significantly high to reach more than 17,000 has dropped to as low as 1854 during the early trading hours. However, the number of accounts trading on SHIB remained constant since the beginning of the week, indicating the undermined buying pressure.
Therefore, until the Bitcoin (BTC) price surpasses and sustains above $18,200, the markets could remain unpredictable. This may push the Shiba INU(SHIB)’s price above the resistance which may further invalidate the bearish trajectory.
Source: https://coinpedia.org/price-analysis/shiba-inu-shib-price-heading-towards-a-buy-zone-this-is-when-it-may-rebound/