The price of Shiba Inu cryptocurrency has sharply reversed direction after failing to maintain above the significant resistance level of $0.000015. Factors influencing this decline include increased selling volume and a downward trend in the market.
Breakthrough Significant Resistance Level
Shiba Inu experienced a sharp movement after briefly rising above the $0.000015 mark. This occurred early in July when the token, buoyed by strong trading volume, was able to reclaim the 200-day moving average. However, the rally quickly faltered due to intensifying selling pressure near the $0.0000155 level. As a result, the breakout failed to hold, and SHIB rapidly declined, erasing several weeks of gains in a single trading session.
Struggles with Current Support Level
Following the unsuccessful breakout, SHIB entered a multi-day downtrend. The price fell below both the 200 EMA and the 50 EMA, which had previously served as significant support levels. This decline was accompanied by increasing red volume bars, indicating that distribution activity and panic among holders were rising. The price dropped to below $0.0000135, raising concerns that the token could drop further.
Technical Indicators and Future Predictions
The Relative Strength Index (RSI), which previously indicated overbought conditions, is now approaching neutral territory. This reflects a serious weakening of bullish momentum. The higher volume accompanying red candles supports the view that investors may be forcefully selling off their assets. If Shiba Inu fails to hold above the $0.000013 level, it may face further losses with targets at $0.0000125 and $0.0000113, which were previously regarded as accumulation levels.
The recent price fluctuations in Shiba Inu highlight a shift in market sentiment. The current situation calls for careful monitoring by traders, especially near the key $0.000013 level, as further negative performance could impact prices and overall market sentiment.
