Shiba Inu Price Update: Bearish Trend and New Entry Potential
- Shiba Inu (SHIB) remains bearish, offering potential short-selling as lower highs persist.
- Recent market rally seen as temporary, with SHIB likely returning to its downward trend.
- Breakout from trading range could signal major price reversal opportunities for SHIB.
Shiba Inu (SHIB) is still under bearish pressure as further analysis shows expanding bearish waves. In an X post, Alan Santana warns of bearish indicators on the price chart of SHIB even as it rallied in markets for a brief period. This downtrend, he suggests, could open new short selling opportunities as continued formation of lower highs across a defined trading range sends SHIBs price back down.
The positive results of the recent U.S. elections brought forth a short-lived three day upward trend across the market. But market sentiment has since turned cold, putting Shiba Inu and other meme tokens on notice they are likely back on the decline. Analysts say the brief rally isnt a turn in the overall market trend.
Shiba Inu Hits Lower High
SHIB has just bottomed out a lower high, completing the bearish momentum which has marked much of the year to date. The current short position has already met two short term target levels, and lower highs are usually considered to signal further price weakness. Shiba Inu bounced with the token potentially seeing new lows in the near term while the main trend remains intact.
Source: Chart by AlanSantana
The upper boundary of the Shiba Inu price trading range also deserves attention for traders watching the token, the analysis shows. If shibs price climbs above this boundary and holds this level, perhaps it will begin to indicate a shift to bullish momentum.
Bearish Outlook Persists
Yet as long as the token remains in the current trading range, the outlook is bearish. This approach gives traders clear signals of where trend reversals might be and how these might lead to a major price reversal.
An analysis also reveals the requirement of patience as it may lead to waiting for the clear market signals which may help traders take on SHIBs movements. Tokens such as Shiba Inu are no exception to the rule that, although there are occasional rallies, generally, token performance lies in the hands of broader crypto market trends. Traders can make more informed decisions if they understand these macro trends. Traders need to be alert to whats happening in the crypto market because they need to react to the outside conditions.
Read more: https://www.tronweekly.com/shiba-inu-price-update-bearish-trend-and-new/
Text source: TronWeekly
