Shiba Inu is now under negative pressure after failing to overcome significant resistance levels. On the charts, this movement is represented as a falling triangle pattern that suggests possible drops in the future.
Usually seen as a negative indication, the descending triangle shows that selling are more active than buyers, which causes the highs to become progressively lower. SHIB is now seeing resistance at the top trend line of the triangle, with support found at $0.0000237. There is a good chance that SHIB may decline towards the next major support at $0.000021 if this support level is broken.
The mood of the Shiba Inu market seems to be leaning towards pessimism. The $0.00002 threshold may be tested in the event of a breach below $0.000021. The possibility of a collapse below this mark might pave the way for an even larger loss and cause issues for SHIB as well as other market players.
Conversely, a recovery to higher resistance levels like $0.0000268 would be feasible if SHIB can generate sufficient buying pressure to halt the present slump. This would need a dramatic change in the dynamics of the market, maybe brought about by improvements in the Shiba Inu ecosystem or by changes in consumer opinion more generally.
Right now, the best approach to anticipate a Shiba Inu move might be to monitor loudness. Volume trends have been rather flat recently, which usually indicates that traders are not very confident about the direction of the market. A larger comeback may be indicated by an increase in trading volume, particularly during upward movements, but only if the market as a whole is reversing higher, which is regrettably not the situation at this time.
