SHIB has jumped 5% in the day to climb back above $0.000012, a key psychological support. But on-chain analysis and unrelenting sell pressure reveal a bleak immediate future for the top meme coin.
Shiba Inu had most of its investors worried earlier in the week when further downward price corrections dragged it below the key psychological support of $0.000012. It fell to the 8-month low of $0.0000108, sparking fears among hodlers that it was about to crash and add another zero to its already low price.
SHIB bulls, however, amassed enough buying pressure to help what is considered one of the best altcoins to buy now scale back up above the support level and enter Thursday, March. 12 trading around $0.00001223.
Bearish Short-to-Medium-Term Future for Shiba Inu
For weeks, Shiba Inu has been struggling to fight off bears, who have pulled their prices down 60% from the seasonal high of $0.000033 recorded in the first week of December 2024 to the current prices. For three months, SHIB’s price action has been stuck in a falling channel pattern, and not even the overnight bull pressure could help it record a breakout.
On the daily SHIB/USDT price chart, several indicators hint at the possibility of a further downtrend for the top meme coin.
For example, its trading volumes are relatively low – reflecting the general watch-and-wait mood gripping the market. The MACD line is also below the signal line, indicating that the momentum is still bearish.
When Will SHIB Rebound?
Over the longer term, analysts are confident that SHIB will rebound and rally to a new all-time high – possibly before year-end. Technical indicators also hint at SHIB’s readiness to break out. The MACD histogram, for instance, is showing signs of weakening bear momentum.
This implies that sellers are losing strength, possibly because panicky high-entry buyers have exhausted their reserves.
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