Currently, the trading price of SHIB is $0.00002393. The price has failed to enter the daily Ichimoku cloud, which is a major support level.

The price is currently approaching the medium-term support level, which is the red Tenkan-sen plateau on the chart. The 100 EMA on the daily timeframe is a key medium-term support level for the SHIB price.

Importance of the Tenkan-sen plateau

Plateau formation: The gentle Tenkan-sen plateau indicates a balance between buyers and sellers, forming an important market level.

Support: If the price is above the Tenkan-sen plateau and falls, the plateau may become a support level, triggering buyer intervention.

Resistance: If the price is below the Tenkan-sen plateau and rises, the plateau may become a resistance level, triggering seller intervention.

Zooming in to the four-hour timeframe, we see a similar pattern. The price is attempting to break through the Ichimoku cloud, which could accelerate the downward trend. If this level is tested, the lower boundary of the cloud will become a key support level to watch.

Additionally, the price has dropped below the 100 EMA on the four-hour timeframe, which is also a bearish signal.

These signals highlight the importance of this area as a resistance zone. A breakthrough in this area could trigger a significant increase of 10% to 20%. Conversely, if the price remains below the 4H 100 EMA, it may indicate a continued bearish trend, potentially pushing the price down to $0.00002000.

The SHIB/BTC chart also shows bearish signals for SHIB. SHIB/BTC has tested the lower limit within the daily timeframe and is currently attempting to break through the 100 EMA, indicating a very pessimistic outlook for SHIB.

If SHIB enters the uptrend cloud and the price of Bitcoin rises to $70,000, SHIB may break through the price range of $0.0000265. However, if these conditions are not met, the bearish outlook for SHIB may persist.

The amount of deposits on exchanges has increased significantly at the end of May. This sudden growth indicates that many SHIB holders are transferring their tokens to exchanges.

Potential selling pressure: Increased deposit addresses typically precede selling. When holders transfer tokens to exchanges, they often liquidate their positions, thereby creating selling pressure in the market.

The current price trend indicates a bearish trend, especially as the price attempts to break below the Ichimoku cloud on the four-hour timeframe.

If the price fails to hold the key support levels (especially the lower boundary of the 4H Ichimoku cloud), further downside should be monitored. If SHIB successfully re-enters the daily Ichimoku cloud, the bearish outlook may be invalidated. The key level to watch is the upper limit of the daily Ichimoku cloud at $0.000265.

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