SHIB, the cryptocurrency, has been facing a shift in momentum towards sellers despite an attempt to reach higher highs in early June. Key support levels are currently seen at $0.000018, while key resistance levels are at $0.000025. Market participants had hoped that SHIB could maintain the $0.000025 level as a vital support to propel the price to new highs. However, sellers regained control of the price action, turning this level into a resistance.
As a result of losing the $0.000025 level to sellers, bulls were forced to retreat to the next key level at $0.000018, which is now acting as support. The current price action is also bearish, with lower lows being observed over the past week. This change in momentum has left bulls on the defensive as they struggle to regain control of the market.
The bearish momentum in SHIB seems to be picking up as June progresses, despite starting on an optimistic note. This shift towards bearish sentiment is evident on the weekly MACD, with the histogram making lower lows and the moving averages experiencing a downward trend. Investors are advised to keep an eye on the key support level at $0.000018, as it may serve as a potential barrier to the ongoing sell-off.
Overall, SHIB’s price action has been turbulent in recent weeks, with sellers currently dominating the market. While support levels at $0.000018 may provide some relief from the downward pressure, key resistance levels at $0.000025 will need to be broken for any chance of a bullish reversal. Market participants should remain cautious and closely monitor the price action to gauge the future direction of SHIB. Despite the challenging market conditions, there is still potential for price movements and opportunities for traders to navigate this volatile market effectively.
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