Overview
Shiba Inu (SHIB), a prominent meme cryptocurrency, remains in a bearish trend, trading below the Ichimoku Cloud following substantial overnight sales. Recently, it encountered resistance at $0.00001307 but found support around $0.00001275.
Key Points:
- Shiba Inu is currently trading under the Ichimoku Cloud, signaling bearish territory.
- The cryptocurrency registered high-volume selling overnight at the resistance level.
- Geopolitical issues and trade fluctuations are affecting investor behavior in the cryptocurrency space.
Technical Analysis
The Ichimoku Cloud acts as both a resistance and support indicator within the market, enabling traders to predict potential shifts. Crossovers above and below the cloud suggest changes in trend direction, with recent activity showing how SHIB fell back to $0.00001274 after facing resistance.
Recent Trading Activity
On Sunday, between 6:00 and 22:00 UTC, SHIB witnessed significant selling activity, highlighting the struggles against $0.00001307. Despite this pressure, it managed to establish a support zone around $0.00001275, indicating some resilience amidst the broader market’s challenges.
SHIB Price Chart
SHIB’s price chart (Source: CoinDesk)
Conclusion
As Shiba Inu continues to navigate through high volatility, it shows signs of resilience. However, it will have to overcome significant resistance to progress above the current bearish trend.
