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Shiba Inu (SHIB) to Keep Falling: Another Zero to Be Added?
The cryptocurrency market has been experiencing a severe bearish phase recently, and Shiba Inu (SHIB) is not immune to the trend. Despite its previous attempts to recover, SHIB appears to be trapped in a strong downtrend, with no clear signs of reversal.
According to recent data, it seems that bears are still firmly in control, and any attempt at recovery would require significant buying pressure, which is currently lacking. As a result, it’s possible that SHIB may continue its decline, potentially dropping another zero from its current value.
In order to break the downtrend structure, SHIB needs to gain support above the descending EMAs, which seems highly unlikely given the weak volume and lack of momentum. Any attempts to rise should also consider a clear break of resistance around $0.00001500-$0.00001800, which could potentially lead to some consolidation.
However, considering the current market conditions, it is difficult to see any convincing evidence that would indicate an imminent turnaround. Even if there were an attempt at recovery, it’s hard to imagine that the market can recover from its recent losses in a short span of time without significant external factors.
Unfortunately, SHIB’s prospects for recovery seem quite poor in the near term, and more drops could happen unless the market experiences a fundamental change.
Source: u.today
