- Shiba Inu has a bearish market structure on the daily chart and fell below the 10-week range lows.
- The magnet zone of liquidity at $0.00003 might not reverse Shiba Inu’s steady downtrend.
Shiba Inu [SHIB] was testing a support zone on the price chart, and at press time, the support level appeared to be beaten.
A recent AMBCrypto report noted that the consolidation phase might recover, but the Shiba Inu price prediction remained in favor of the sellers.
For such a recovery to begin, the $0.0000017 area must be defended. However, a bearish Bitcoin [BTC] was sapping the strength of SHIB bulls and swaying the sentiment even more bearishly.
What are the chances that the meme coin would post further losses?
Strong bearish pressure
Source: SHIB/USDT on TradingView
The RSI on the daily chart was below 30, showing strong bearish momentum. The CMF was at -0.14 and reflected heavy capital flow out of the market. Together, the indicators showed further losses are likely.
This came alongside Shiba Inu falling beneath the ten-week range lows at $0.00002. The 78.6% Fibonacci retracement level (pale yellow) at $0.0000172 was under threat from the sellers.
A daily session close below this level will indicate that the meme coin is headed toward the 100% retracement level.
The Shiba Inu price prediction would become more firmly bearish, and traders could expect prices to slide toward the $0.00001 psychological support.
There might be hope for bulls
Source: Hyblock
The liquidation levels around the $0.00002 mark have been triggered. The past week saw some consolidation around the $0.000018 area, but prices did not climb higher.
Instead, they were attracted toward the smaller liquidity band at $0.0000175.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
The next pocket of liquidity of notable size lies at $0.00003. Shiba Inu may reverse its downtrend and climb to this region in the coming weeks.
However, for that to happen, Shiba Inu must stop making new lower lows. The strength of the bears was too high at press time, and bulls might have their hopes smashed in the coming weeks.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
