Memecoins
Can ShibArmy lift Shiba Inu price above bearish heat?
In times when the Bitcoin price appears to be weakening, markets have begun to consolidate. Furthermore, memecoins are also falling by a decent margin, suggesting thick bearish clouds hovering over the crypto space, including Shiba Inu (SHIB). The latest price action has dragged the popular memecoin close to the key support zone, which could be the last point of defense above $0.00002.
After the latest sell-off, the trading pattern has changed slightly in favor of the bears as sell signals have haunted the market. SHIB price rally. In the first days of March the platform witnessed a massive increase in buying pressure, which caused a 300% price jump. Unfortunately, a huge sell-off was triggered which dragged levels down by over 40%. While market participants expect a strong rebound, a bearish continuation may be imminent.
Shiba Inu’s current trading set indicates that the price is ready to test local lows below $0.000019, as it did a few weeks ago. The RSI is heading towards the lower threshold without any bearish divergence. Furthermore, the Ichimoku cloud just turned bearish as the conversion line and baseline underwent a bearish crossover. Therefore, after a short consolidation, the SHIB price is expected to fall to the key support zone between $0.00002107 and $0.00002157.
When the price breaks below the range, it may fall to the local support levels at $0.0000188, but a rebound may not be expected in the near future. Technical data suggests that volume could remain consolidated within a range that could dramatically reduce the token’s volatility. This could force the price to remain accumulated within a range and once the price moves back inside the pattern, a breakout above the resistance at $0.000025 could be imminent.