The price of SHIB has taken a drastic turn, plummeting to new lows as bears continue to dominate the market. Despite a brief attempt to break through the key resistance at $0.000018, the cryptocurrency quickly turned back and resumed its downtrend.
According to recent charts, the current price action is bearish, with multiple days closing in the red. Sellers are dominating the market, with buyers seemingly absent. The price action is a clear indication of the bears’ control, with the price showing no signs of recovery.
The daily MACD (Moving Average Convergence Divergence) is also indicating a bearish trend, with a falling line that suggests momentum is favoring the bears. This downtrend may continue for some time before a sustained reversal can challenge the current resistance.
For bulls to regain control, the price will need to reach the support level at $0.000014. Until then, it seems unlikely that buyers will make a significant impact on the market. With sellers dominating the chart and the MACD indicating a bearish trend, it’s clear that SHIB is in a downtrend.
Investors and traders should be cautious and consider taking a wait-and-see approach until the price reaches the support level. It’s possible that buyers may return at this level, but until then, the bears are likely to continue driving the price lower.
Key Takeaways:
- SHIB’s price has plummeted to new lows, with bears dominating the market.
- The current price action is bearish, with multiple days closing in the red.
- The daily MACD is falling, indicating momentum is favoring the bears.
- The price will need to reach the support level at $0.000014 for bulls to regain control.
- Investors and traders should be cautious and consider taking a wait-and-see approach until the price reaches the support level.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: CryptoPotato
