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<\/p>\nThe price of Shiba Inu has been consolidating, leading to a downward trend. In the last 24 hours, SHIB has lost 2% of its value, and there has been limited movement on the weekly chart. This indicates a decrease in buying interest and an increase in selling pressure.<\/p>\n
The market for SHIB appears oversold, but there is still a possibility of a price recovery if buyers step in. A small increase in buying activity could result in a significant appreciation of SHIB over the next trading sessions.<\/p>\n
Moreover, there are bullish signals suggesting a potential breakout. The price movements of altcoins, including SHIB, have been similar to Bitcoin, which is currently experiencing uncertainty.<\/p>\n
For SHIB to see positive momentum, a shift towards a more optimistic buying sentiment is necessary. However, it is worth noting that the market capitalization of SHIB has decreased, indicating that sellers currently have control over the asset’s price.<\/p>\n
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At the time of writing, SHIB was priced at $0.000008, trading near its resistance level of $0.000009. Prior to reaching $0.000009, the coin may face a minor resistance at $0.0000088. A symmetrical triangle pattern has formed for SHIB, indicating a bullish signal.<\/p>\n
If SHIB successfully surpasses the $0.0000088 level, it could experience an upward breakout from the triangle, potentially reaching $0.0000096. This would result in a significant rally of over 10% for the coin.<\/p>\n
Conversely, a decline from the current price would push SHIB down to $0.0000084, leading to a considerable loss. The recent session showed a decrease in trading volume for SHIB, indicating low buying strength.<\/p>\n
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Throughout most of this month, SHIB has experienced increased selling pressure. The Relative Strength Index (RSI) dropped below the 20-mark, indicating an oversold condition due to a significant decrease in demand.<\/p>\n
If SHIB manages to surpass immediate resistance levels, buyers may reenter the market. Similarly, the coin’s price fell below the 20-Simple Moving Average (SMA) line, suggesting that sellers were driving the market’s momentum.<\/p>\n
Furthermore, a bearish signal was observed as the 200-SMA (green) crossed over the 50-SMA (yellow), forming a death cross pattern. A death cross typically signifies a downward price movement.<\/p>\n
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Confirming the bearish indications, the meme-coin showed sell signals. The Moving Average Convergence Divergence (MACD) which indicates price momentum and trend reversals exhibited red histograms which are associated with the sell signals.<\/p>\n
Related Reading: The Aura Around PEPE Isn\u2019t Good For The Market, Especially Bitcoin \u2013 Here\u2019s Why<\/p>\n
Conversely, the Chaikin Money Flow (CMF) remained positive, with the indicator above the half-line. This indicated that there were more capital inflows than outflows at the time of writing.<\/p>\n