Shiba Inu (SHIB) finds itself trapped in a dangerous bearish pattern. If it fails to break above the upper boundary of its descending channel, the memecoin could face a dramatic 30% drop!
🔻 Heavy Short Interest and Weak Demand
According to the latest data, 61.91% of top traders are shorting SHIB, while only 38% are holding long positions. This imbalance clearly indicates a bearish sentiment dominating the market.
Traders are heavily leveraged around two key levels – $0.0000117 as support and $0.00001245 as resistance. Long positions total about $375,000, while shorts have reached $952,000, reinforcing the fear of further decline.
📉 Technical Analysis: Descending Channel Still Intact
Since December 2024, Shiba Inu has been following a clear downward channel, forming lower highs and lower lows. While SHIB recently attempted a breakout during a brief market recovery, it failed to maintain the move.
At the time of writing, the token is hovering near the upper boundary of this channel. Historically, this level has triggered sharp price reversals. If SHIB cannot break out, the price may drop to $0.0000084, marking a potential 30% decline from current levels.
📊 Falling Volume Signals Weak Momentum
Trading volume for SHIB dropped by 17% in the past 24 hours, pointing to reduced interest from both retail and institutional investors. Furthermore, SHIB remains below its 50 and 200 EMA, highlighting the strong bearish trend and lack of upward momentum.
🔥 What Could Change the Game?
SHIB could regain bullish momentum under two conditions:
🔹 A sudden shift in overall market sentiment.
🔹 A confirmed daily candle close above $0.0000128.
Until then, sellers remain in control. With market uncertainty still looming and whales continuing to offload, Shiba Inu's next move may very well be another step downward.
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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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Shiba Inu Under Pressure: Price Could Drop Another 30% if It Fails to Break Out
Shiba Inu (SHIB) finds itself trapped in a dangerous bearish pattern. If it fails to break above the upper boundary of its descending channel, the memecoin could face a dramatic 30% drop!
🔻 Heavy Short Interest and Weak Demand According to the latest data, 61.91% of top traders are shorting SHIB, while only 38% are holding long positions. This imbalance clearly indicates a bearish sentiment dominating the market. Traders are heavily leveraged around two key levels – $0.0000117 as support and $0.00001245 as resistance. Long positions total about $375,000, while shorts have reached $952,000, reinforcing the fear of further decline.
📉 Technical Analysis: Descending Channel Still Intact Since December 2024, Shiba Inu has been following a clear downward channel, forming lower highs and lower lows. While SHIB recently attempted a breakout during a brief market recovery, it failed to maintain the move. At the time of writing, the token is hovering near the upper boundary of this channel. Historically, this level has triggered sharp price reversals. If SHIB cannot break out, the price may drop to $0.0000084, marking a potential 30% decline from current levels.
📊 Falling Volume Signals Weak Momentum Trading volume for SHIB dropped by 17% in the past 24 hours, pointing to reduced interest from both retail and institutional investors. Furthermore, SHIB remains below its 50 and 200 EMA, highlighting the strong bearish trend and lack of upward momentum.
🔥 What Could Change the Game? SHIB could regain bullish momentum under two conditions: 🔹 A sudden shift in overall market sentiment. 🔹 A confirmed daily candle close above $0.0000128. Until then, sellers remain in control. With market uncertainty still looming and whales continuing to offload, Shiba Inu's next move may very well be another step downward.
#Shibarium , #SHIB , #memecoin , #CryptoNewss , #CryptoPredictions
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“