Crypto price prediction: Shiba Inu (SHIB) indicators suggest strong selling pressure

 Crypto analysis (Shiba Inu):

Shiba Inu (SHIB) has seen a decline in its price recently. In the past hour, the price dropped by 0.53%, and in the last 24 hours, it decreased by 5.11%. Over the past week, the price has fallen by 10.06%, showing a downward trend. Currently, SHIB is priced at $0.0015 per token, with a 24-hour trading volume of $182.55 million. Despite the decline, this price marks a new all-time high, meaning SHIB has reached its highest value since it was launched.

The total supply of SHIB in circulation is over 589 trillion tokens. With this large supply, the total market capitalization of SHIBA INU stands at around $7.15 billion. Market capitalization represents the total value of all the coins in circulation. Even though the price has dropped recently, the overall value of SHIB in the market remains significant. This shows that the coin still has strong support from its investors.

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Currently, the price chart of SHIB is showing mixed signals. The formation of a "rounding bottom" pattern suggests that the selling pressure might be decreasing. This pattern is often seen as a sign of a potential trend reversal, meaning that SHIB could shift from a downtrend to an uptrend. If this happens, the price might start to rise again. However, the market conditions remain uncertain, and investors are closely watching SHIB's movement.

For SHIB to start a strong recovery, it needs to break a major resistance level. The key resistance is at $0.000033, and if the price moves above this level, it could rally towards $0.000095. This would indicate strong buying interest and a positive outlook for the coin. However, if the price fails to break the resistance, SHIB might continue to struggle in the near future.

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Despite the potential reversal, some indicators are showing bearish signals. The Relative Strength Index (RSI) is now 37.10 below neutral level, meaning that selling pressure is still strong. Additionally, the MACD indicator has turned negative, and the histogram bars are red, both of which suggest that bears are in control of the market. This could lead to further price declines unless buying momentum increases.

If the current price break below the support level, then it will move towards next support level to $0.00001193. The scenario will be changed if the price of Shib break out above $0.000022 level.