Shiba Inu (SHIB), the popular meme cryptocurrency, is currently under heavy downward pressure as shifting global economic conditions weigh on the market—even as positive developments in US-China trade relations offer some optimism.
Recent price movements reveal a clear downtrend for SHIB, marked by consecutive lower highs and the breach of several key support levels.
The most significant sell-off occurred around 07:00 UTC, when the price plunged to 0.0000149, accompanied by trading volume nearly twice the average rate, signaling intensified selling activity.
Technical Analysis Overview:
- SHIB’s price dropped from 0.0000159 to 0.0000149, a 6.4% decline within a trading range of 0.0000012 (7.5%).
- The token formed a distinct downtrend with successive lower highs, breaking support levels near 0.0000156 and 0.0000152.
- Heavy selling volume peaked during the 07:00 hour, exceeding 1.43 trillion SHIB—almost double the typical trading volume.
- Resistance has formed at 0.0000152, while support holds near 0.0000148, suggesting SHIB may consolidate before the next significant price move.
- In the last hour, SHIB showed heightened volatility, dropping sharply from 0.0000151 to 0.0000147 before a modest rebound to 0.0000149.
- Intense selling pressure between 13:33 and 13:36 saw volume spike over 83 billion SHIB at 13:35, reinforcing a critical support zone around 0.0000148.
- Following the session low of 0.0000147 at 13:51, SHIB experienced a V-shaped recovery pattern, with buying momentum pushing prices back above the 0.0000148 support level.
Despite the downward pressure, this consolidation phase could set the stage for SHIB’s next directional move as traders assess the evolving market landscape.
