Shiba Inu (SHIB) Bearish Below Key Resistance After Price Drop and High-Volume Sell-Off
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, experienced a sharp price decline from $0.00001500 to $0.00001250 between May 29 and May 30, accompanied by a surge in trading volume. The sell-off, which peaked during high-volume sessions, established strong support at $0.00001250 and highlighted resistance near $0.00001307. While initial panic selling has slowed, SHIB remains below the Ichimoku cloud, signaling a continued bearish trend. Despite periods of modest recovery and fluctuation, the token failed to break above resistance and is currently consolidating between $0.00001283 and $0.00001285, with decreasing volumes indicating market exhaustion. Broader market pressures, including ongoing geopolitical tensions and uncertain global trade policies, are influencing investor sentiment across the crypto sector. Technical analysis shows that unless SHIB decisively breaches key resistance, downside risks persist. Traders should closely monitor support and resistance levels, trading volume, and shifts in overall market direction for potential trading opportunities.
Bearish
Recent developments highlight sustained selling pressure on SHIB, with the token unable to reclaim key resistance levels above the Ichimoku cloud. Persistent lower trading volumes and the failure of significant upward momentum indicate weakening buyer interest and continued market exhaustion. The broader crypto market faces additional headwinds from geopolitical uncertainties and global trade policies, further fueling a cautious, risk-off environment. Without a decisive technical breakout above resistance, SHIB is likely to remain under pressure in the short term. Technical indicators and market sentiment collectively suggest a bearish outlook for both immediate trading and potentially longer-term performance until clear bullish signals emerge.