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Even after a recent jump in price, Shiba Inu (SHIB) is showing signs of bearish pressure. The meme coin saw a 6.87% increase over the last week, but has now hit serious resistance. The bearish trend is evident on the daily chart, with SHIB trading within a falling channel.
Currently, Shiba Inu’s price is staying at $0.00001431, down 3.26% in the last 24 hours. This comes after a 6.70% drop in the last two days. The coin is struggling to break through the 50-day exponential moving average (EMA), which is acting as a resistance level. The evening star pattern at this EMA suggests higher price rejection, pointing towards a potential bear cycle.
In the short term, Shiba Inu is consolidating between the 20-day and 50-day EMAs. The price action reveals a pullback in the 1-hour chart, with the SHIB price tracing back below the 50% Fibonacci retracement level. The next support levels are identified at $0.000014 (38.20% Fibonacci level) and $0.00001289 (23.60% Fibonacci level).
Data from IntoTheBlock highlights that SHIB whales are taking a volatile stance. While there has been a 15% increase in large holder inflow over the past seven days, outflows have jumped even higher, indicating a stronger bearish sentiment. To be specific, outflows have increased by 53% over the past week and a massive 1,699% over the last 30 days.
As the bearish pressure builds, the next crucial support level for SHIB sits around $0.00001266, which lines up with the base level on the daily chart. Looking up, resistance levels are found at $0.00001603 and $0.00001763, corresponding to the 61.80% and 78.60% Fibonacci levels, respectively.
Shiba Inu’s current price action suggests a challenging environment for the coin, with resistance at key levels and stronger outflows from large holders contributing to the bearish outlook. Traders and investors should monitor these levels closely as SHIB navigates through this phase.
The market cap has dropped by 3.25% to $8.42 billion, while the trading volume has spiked by 20.75%, hitting $246.61 million. This volume surge, combined with the price decline, indicates strong selling pressure on Shiba Inu. These numbers underline the persistent bearish sentiment surrounding Shiba Inu, overshadowing its recent gains.
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