Shiba Inu (SHIB) is facing a continued struggle to reclaim upward momentum as bearish sentiment keeps its price tethered below the critical $0.00002045 resistance level. Despite occasional positive price action, the prevailing market conditions and negative sentiment around meme coins have made it challenging for SHIB to break free and push higher.
The $0.00002045 mark remains a significant hurdle for Shiba Inu, acting as a psychological and technical barrier that has been difficult to breach. This level has previously capped rallies, signaling that market participants remain cautious, and the bullish outlook for SHIB is currently uncertain.
Persistent selling pressure and the inability of the bulls to take control have led to a cautious stance among traders, especially as broader market conditions contribute to the negative sentiment surrounding SHIB. Unless a major catalyst materializes to trigger renewed buying interest, the possibility of more declines remains.
Market Sentiment: The Force Behind Shiba Inu’s Struggles
Bearish sentiment has firmly gripped Shiba Inu’s price action, with the cryptocurrency consistently unable to breach the important resistance level of $0.00002045. Despite intermittent rallies and brief upward movements, SHIB has failed to gain the necessary momentum to break through this key barrier.
Related Reading: Shiba Inu Grapples With Heavy Bearish Forces: Will Support Levels Hold?
This stagnation can largely be attributed to a combination of factors, including a broader market downturn, reduced investor interest, and insufficient buying pressure to counteract the ongoing sell-offs.
Technical indicators paint a similar picture, highlighting the dominance of bearish forces. The RSI remains in the oversold territory, suggesting weak buying momentum and a persistent dominance of sellers in the market. With the price failing to regain traction and a lack of significant support from the broader market, Shiba Inu may continue to struggle to reclaim the $0.00002045 level.
Unless the meme coin can build a stronger bullish narrative and surpass $0.00002045 with sustained buying interest, the path forward may involve further consolidation or declines, especially if the price fails to hold its ground against increasing selling pressure.
Downside Risks: What’s Next For SHIB If Bearish Momentum Continues?
As bearish momentum continues to dominate SHIB, the cryptocurrency is exposed to downside risks that might push the price below crucial support levels. Increasing selling pressure may drive SHIB toward the $0.00001272 support zone if the current trend persists. A breakdown below this level is likely to trigger a bearish move toward additional support zones.
Related Reading: Shiba Inu Builds Momentum: ‘Monster’ Price Move Coming—Analyst
In the meantime, the lack of strong buying interest and the ongoing negative market sentiment further contribute to the downward pressure. For SHIB to regain bullish momentum, it would need to break above critical resistance levels and attract renewed buyer interest.
Featured image from iStock, chart from Tradingview.com
