When Shiba Inu tried to break out at the $0.000014 level, it was abruptly rejected, resulting in what now seems to be a classic fakeout. A deeper decline in the upcoming sessions is a concern as a result of SHIB's inability to maintain momentum after the price spike above this crucial resistance level initially suggested a possible bullish continuation.
SHIB was able to overcome $0.000014, which had previously served as significant resistance. The rejection that followed this move which, at first, indicated increasing bullish momentum, sent SHIB back below the threshold and set off a series of sell-offs. A bull trap, in which buyers are drawn in with the expectation of a breakout but the asset abruptly reverses, is frequently indicated by this type of price action.
SHIB/USDT Chart by TradingView
The unsuccessful breakout has caused SHIB to enter a downward trend that has been made worse by its inability to rise above its moving averages. The bearish outlook is currently being reinforced by the dynamic resistance of the 50-day and 200-day moving averages. SHIB has established a bearish precedent due to its inability to hold above $0.000014; immediate support is currently located around $0.000013, and additional downside toward the $0.000012 region is possible.
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SHIB may test the $0.00001150 support level again if bearish pressure keeps increasing; if it is broken, this could pave the way for a much steeper decline. With no clear signs of a reversal, the RSI is still in a weak zone. This implies that buying pressure is not strong enough right now to propel a meaningful recovery.
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Furthermore, decreasing volume suggests dwindling investor interest, which makes it challenging for SHIB to launch a long-term sustainable rally. Now that SHIB is reverting to a bearish trajectory, traders should proceed with caution. There is a greater chance of additional downside if the price does not quickly recover important resistance levels.
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