- Shiba Inu too weak for now
- Longer-term market outlook
After months of downward pressure, Shiba Inu is once again nearing a crucial technical setup as the asset tries to stabilize. The next test at the 26 EMA resistance may determine whether the token can regain any momentum in the near future, even though the market has recently shown slight signs of recovery.
Shiba Inu too weak for now
Shiba Inu is currently trading at $0.0000057, which is still firmly entrenched in a long-term negative structure. The asset has been under constant selling pressure for the past few months, as evidenced by the chart’s consistent pattern of lower highs and lower lows. Buyers have consistently failed to establish any significant trend reversals despite sporadic brief rallies.
SHIB/USDT Chart by TradingViewThe 26-day exponential moving average, which still serves as the first significant resistance barrier, is currently the most direct technical barrier. The asset seems to have almost no momentum delta as it gets closer to this level, which is currently the main problem for SHIB. Practically speaking, this indicates that there is not much buying pressure supporting the current move.
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Attempts to break above the 26 EMA usually fail fast if there is not enough momentum. On the chart, this pattern has already occurred several times, with small rallies being rejected almost instantly after the price hit adjacent moving averages.
Longer-term market outlook
The longer-term moving averages, which are still declining, are among the key trend indicators that the token is still trading far below. The wider negative sentiment surrounding the asset is strengthened by this alignment.
Furthermore, recent price changes seem to be constrained within a narrowing pattern that indicates market reluctance rather than strength. Although a volatility expansion could theoretically result from this consolidation, the absence of significant buying interest increases the possibility that any attempt at a breakout could once more be a false signal.
The impending encounter with the 26 EMA is probably going to be the first meaningful gauge of market sentiment for investors. A successful break above this threshold may indicate the beginning of a recovery effort. However, the asset might stay stuck in its wider downtrend if SHIB is unable to recover it once more.
Source: https://u.today/shiba-inu-shib-paints-all-zeroes-ahead-of-important-price-test
