Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Selling pressure ended bullish hopes for a rebound from the $0.00000807 support.
- The market structure revealed bearish bias could continue for the long term.
Shiba Inu’s [SHIB] bullish defense of the $0.00000807 support level caved to the intense selling pressure on 1 September. The break below this support ended the possibility of a bullish rebound from the level.
Realistic or not, here’s SHIB’s market cap in BTC terms
With Shibarium’s launch having little effect on SHIB’s price chart, the bearish sentiment could persist for the long term.
Shiba Inu’s outlook remained bearish
The higher timeframe structure (12-hour and daily) highlighted SHIB’s bearish market structure, as the downtrend from the $0.00000980 resistance level extended into September.
Shiba Inu’s crack of the $0.00000807 support level saw SHIB post a 7% dip over the past five days. As such, the current price of $0.00000759 could see bears target further profits at $0.00000650 – $0.000007.
The potential profit levels for bears ($0.00000650 – $0.000007) could also serve as a price reversal zone for bulls, as evidenced by the price action in early June.
Meanwhile, the Relative Strength Index (RSI) remained in a downtrend, just above the oversold zone. The Chaikin Money Flow (CMF) also declined massively and rested at the zero mark, as of press time. Both highlighted a lack of demand and strong capital outflows.
Bearish momentum left longs exposed in the futures market
Author: Suzuki Shillsalot
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