The post Shiba Inu Eyes 0.000024 Amid Market Tensions appeared on BitcoinEthereumNews.com.

With the Bitcoin price back under the $59,000 level, the broader market, including Shiba Inu, experiences another bearish sentiment cycle. The increased fluctuations near the $60,000 support level have increased uncertainty in the broader market due to increased volatility. Amid such market conditions, the meme coins are at a crucial stage as the increased supply in the broader market generally leads to a massive crash. Will Shiba Inu rise like a phoenix in this bear market for a breakout rally?  SHIB Trapped in a Channel One such meme coin is the second largest in its segment, Shiba Inu, which has declined by 70% from its 52-week high at $0.00004567. The meme coin is currently trading at $0.00001362 and preparing for a second consecutive bearish day with a 0.94% decline during the Asian market hours.  In the broader sense, the meme coin forms a falling channel pattern over the logarithmic daily chart. Further, a bearish cycle starting from the rejection phase near the overhead resistance trend line and a potential double-bottom formation at $0.00001350.  Source: Tradingview The daily RSI line shows a massive bullish divergence since the last bull cycle, projecting a high likelihood of a bullish breakout. It also highlights the strong demand for the meme coin at lower levels.  Furthermore, the DMI indicator, on the other hand, shows the VI lines failing to sustain a bullish crossover and regaining the bearish alignment with the ADX line, which is witnessing a downtick.  Hence, the momentum indicators show a bearish cycle in motion, but the momentum of the cycle is declining.  Over $10 Billion SHIB Bought Above Current Levels Based on the global in and out of the money indicator (Intotheblock), the circulating volume of Shiba Inu reflects a massive indifference. With just 20.96% of the volume in the money and…

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Filed under: News - @ September 1, 2024 5:58 pm