|* Bears dominate the SHIB market, causing a 6.4% fall in price.|
* Bollinger Bands expanded, indicating increased volatility and potential trend reversal.
* CMF shows weak buying pressure, but the trend is still bearish.
In the previous 24 hours, the bears defeated the Shiba Inu (SHIB) bulls, establishing their dominance over the market. This bearish dominance resulted in a 24-hour low and high of $0.00001024 and $0.00001113, respectively, which led to the breaking of the 7-day high of $0.00001177.
The present bearish momentum is also supported by the fall in the market price of 6.40% to $0.00001038. The bears are in control of the SHIB market, and if they continue to push the price down, it could lead to a further drop in value, breaking the support level of $0.00001024.
This could trigger a panic sell-off among investors, leading to a sharp decline in SHIB. However, if the bulls regain control and push the price above the resistance level of $0.00001102, it could indicate a trend reversal and lead to a potential rally in the future.
Moreover, the market capitalization and the 24-hour trading volume are down 0.17% and 23.60%, respectively, to $6,106,930,646 and $351,475,324 and falling, aiding this bearish trend. Hence, investors might exercise caution and closely monitor the market to make informed decisions, as the downward trend may continue in the short term.
Bollinger Bands Expansion SHIB/USDT
SHIB’s Bollinger Bands are expanding during this hostile market environment, which indicates increased volatility in the price of SHIB and might soon result in a trend reversal in this bear-dominated market. The upper band points at $0.00001174, whereas the lower band points at $0.00001008, demonstrating these gloomy prospects as evident in the 3-hour SHIB/USD price chart.
Investors should take a gander at the price action of SHIB and wait for confirmation of the trend reversal before making any investment decisions. Setting stop-loss orders to minimize potential losses if the trend continues downward is also advisable.
The Aroon up reading of 7.14% and the Aroon down reading of 42.86% both show that this bearish trend is consistent and strong. Traders should consider selling their positions or shorting the asset to exploit the downward trend. Still, they should monitor any potential bullish signals indicating a reversal soon.
Chaikin Money Flow (CMF) Shows Weak Buying Pressure
Despite the bearish SHIB market, the Chaikin Money Flow (CMF) is moving in a weakly positive area with a reading of 0.07 and rising in the SHIB price chart due to the volatility in SHIB as of press time. This indicates that there is still some buying pressure in the market, but traders should remain cautious as the overall trend is still bearish and could change quickly.
The MACD (blue line) moves below its signal line to a negative area with a reading of $0.00000011. This trend stipulates that the bearish momentum is strengthening, indicating a potential sell signal for traders to consider.
A $0.00000006 histogram reading indicates the bearish sentiment in the market, which may prompt traders to adjust their trading strategies accordingly. It is advisable to keep tabs on further developments to make informed decisions.
Bearish momentum continues in the SHIB market as prices drop, but potential trend reversal may be on the horizon. Traders beware.
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