Strong selling pressure
Shiba Inu analysis: Facing strong selling pressure with key support at 0.0000137885. Resistance at 0.0000150638 and 0.0000160392 must be broken for potential trend reversal.
8/4/20241 min read
Shiba has faced a sharp decline in price, and as you can see, it is below its downward trend line and it has failed to break through identified resistance levels. This indicates strong selling pressure and decreased investor confidence.
Support and Resistance Levels:
Support Level: If the downtrend continues, the price is likely to reach the support level of 0.0000137885. This level acts as a key point to prevent further price declines.
Resistance Levels: To reverse the current downtrend, the price needs to break out of the descending channel and surpass important resistance levels at 0.0000150638 and 0.0000160392. Breaking through these levels would indicate a return of buyer strength and the potential start of an upward trend.
If the price fails to break through the key resistance levels, the selling pressure may continue to push the price downward. Conversely, if the price surpasses these levels, the likelihood of a trend reversal and an upward movement increases.