The crypto space again appears to have descended under the bearish influence as the major crypto lose their respective gained levels. While Bitcoin price is hovering around the $17,500 level, Ethereum price has dropped below the $1300 mark. Meanwhile, the Shiba INU price which has been bearish for quite a while is expected to slash hard offering a good buy opportunity.
The SHIB price rally has largely faltered, with sellers placing bets with high leverage to drive down the price. Along with the price remaining in bearish captivity, the trading volume also suffered a massive decline of over 31%, largely composed of selling pressure as the buying volume reduced.
However, in the coming couple of days, the sellers are believed to gain more influence to drag the price lower.
Technical indicators on the daily chart show that the popular meme coin is all set to pull out a major leg down. The RSI is below neutral on the daily chart, trading within a stable trendline that is pointing south. Meanwhile, the MACD is also flashing bearish signals as a crossover is yet to occur which could drag the price below the immediate support at $0.000008 or even lower.
Besides, a slight increase in traders’ sentiments is witnessed as the daily active address recorded a steep drop in the past couple of days. The addresses which had spiked significantly high to reach more than 17,000 has dropped to as low as 1854 during the early trading hours. However, the number of accounts trading on SHIB remained constant since the beginning of the week, indicating the undermined buying pressure.
Therefore, the market is likely to remain unpredictable until bitcoin (BTC) price surpasses and sustains above $18,200. This can push the price of Shiba INU(SHIB) above the resistance which may further invalidate the bearish trajectory.
