SHIB markets have experienced a bearish trend for the majority of the past nine days, with daily candles consistently closing in the red. The downward movement began on August 13th, when the first red candlestick appeared, signaling a daily low of $0.00001013. This pattern continued for the next four days until August 18th, when SHIB buyers managed to push the price up, resulting in green candlesticks. However, the bearish trend resumed after August 18th and has persisted until today.
This recent occurrence marks the first time in nine months that Shiba Inu (SHIB) has shown such a consistent downward movement. The previous instance was between November 5th and 13th, when eight out of nine daily candlesticks were red. Following the red candlestick on November 13th, the market entered a period of sideways price action before experiencing minor declines. It took at least two months, starting from January 8th, for SHIB to show a positive reversal.
Before November, SHIB exhibited a similar pattern in June 2022, specifically between the 4th and 13th. However, after the bearish trend in June, the cryptocurrency witnessed significant price surges a few days later.
Analyzing the market charts, there is a noticeable decrease in selling volumes of SHIB as the current pattern unfolds. Between August 18th and 21st, the selling volumes have been diminishing. Some analysts suggest that this reduction in selling volumes could indicate that SHIB has reached its local bottom. However, there is still a possibility for SHIB to drop further and reach levels of $0.0000077, $0.0000069, and $0.0000064. The previous strong support level at $0.000009 has now become a tough resistance.
In conclusion, Shiba Inu (SHIB) has been experiencing a prolonged bearish trend, with daily candles consistently closing in the red for the past nine days. This is the first time in nine months that SHIB has shown such a consistent downward movement. While there are indications of a reduction in selling volumes, suggesting a possible local bottom, there is still a chance for SHIB to drop further before finding support. Traders and investors should closely monitor the market to make informed decisions.
