Selling pressure around Shiba Inu was likely to drive the memecoin back to the $0.000007 zone, where a bullish order block from June was present- but it might not offer a strong positive reaction.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The most recent bounce has faced rejection from the $0.0000086 area- which signaled demand was weak.incurred enormous losses in price over the past week. On 13 August, the bias was strongly bullish for the memecoin. Furthermore, it looked to be headed toward the high from April. It was in a strong uptrend on the daily chart.
After 13 August, SHIB faced losses that amounted to 33.1% within four days as the prices crashed from $0.0000108 to $0.00000725 on 17 August. There was a bounce on 18 August as SHIB climbed to retest the $0.0000086 area, where it faced rejection thereafter. The market structure on the 1-day chart showed strong bearishness, and the Relative Strength Index also fell below neutral 50 to reinforce this idea. The On-Balance Volume stuck to a support level from earlier in August but the Chaikin Money Flow showed significant capital flow out of the market.
This selling pressure was likely to drive SHIB back to the $0.000007 zone, where a bullish order block from 28 June was present. This zone might not offer a strong positive reaction upon the next retest, as the first test and subsequent bounce appeared to have reversed from the $0.0000086 resistance in the past two days.The price action of Shiba Inu highlighted the strength of the bears. Yet the dormant circulation metric did not see a sharp uptick despite the heavy selling pressure.
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