Shiba inu (Shib) faces a continued struggle to regain upward momentum as bearish sentiment keeps its price tethered below the critical resistance level of 0.00002045. Despite occasional positive price action, the prevailing market conditions and negative sentiment around MEME coins have made it difficult for Shib to break free and push higher.
The 0.0000002045 mark of 0.00002045 remains a significant hurdle for Shiba Inu, acting as a psychological and technical barrier that has been difficult to breach. This level has previously capped rallies, signaling that market participants remain cautious and the bullish The outlook for Shib is currently uncertain.
The persistent selling pressure and the inability of bulls taking control has led to a cautious stance among traders, particularly as broader walk The conditions contribute to the negative sentiment surrounding the shib. Unless a major catalyst materializes to trigger renewed buying interest, the potential for more declines remains.
Market Sentiment: The Force Behind Shiba Inu’s Troubles
Bearish sentiment has firmly gripped Shiba Inu price action, with the cryptocurrency still unable to breach the important resistance Level 0.0000002045. Despite intermittent rallies and brief upward moves, Shib failed to gain the momentum needed to break through this key barrier.
This stagnation can largely be attributed to a combination of factors, including a broader market slowdown, reduced investor interest, and insufficient buying pressure to counter ongoing selling.
Technical indicators paint a similar picture, highlighting the dominance of bearish forces. The RSI remains in oversold territory, suggesting weak buying momentum and continued seller dominance in the market. With price failing to regain traction and a lack of significant support from the broader market, Shiba INU may continue to struggle to reclaim the $0.00002045 level.
Unless the coin Can build a stronger bullish narrative and break above $0.00002045 with sustained buying interest, the path forward may involve consolidation or further decline, especially if price fails to hold its own against increasing selling pressure .
Downside Risks: What’s Next for Shib if the Bearish Moment Continues?
As bearish momentum continues to dominate the shib, the cryptocurrency is exposed to downside risks that could push the price below crucial support levels. Increasing selling pressure may drag SPH towards the 0.00001272 support zone if the current trend persists. A breakdown below this level is likely to trigger a bearish move towards additional support zones.
Meanwhile, the lack of strong buying interest and ongoing negative market sentiment are further contributing to the downward pressure. For Shib to see bullish momentum, it would be necessary to surpass critical resistance levels and spark renewed buyer interest.
Featured image from Istock, chart from TradingView.com