Dallas, Texas – Shiba Inu, a popular cryptocurrency, is currently facing a bearish market trend as it falls below key support levels on the daily chart. Despite testing a support zone, the price of Shiba Inu seems to be struggling to stay afloat.

An analysis suggests that the likelihood of a reversal in Shiba Inu’s downtrend is slim, with the cryptocurrency’s price prediction heavily favoring sellers. The ongoing consolidation phase may see a recovery, but the overall sentiment remains bearish, influenced in part by the performance of Bitcoin, which is also in a bearish state.

Technical indicators, such as the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), further support the notion of continued losses for Shiba Inu. The RSI is below 30, indicating strong bearish momentum, while the CMF reflects a significant outflow of capital from the market.

The current price action shows Shiba Inu breaching key support levels and approaching critical Fibonacci retracement levels. If the cryptocurrency closes below a certain level, it may signal further downside potential, potentially leading to a test of psychological support at $0.00001.

Despite the prevailing bearish sentiment, there is a glimmer of hope for Shiba Inu bulls. The potential for a rebound exists, although it hinges on the cryptocurrency’s ability to prevent further downward movement and defend key support levels.

Looking ahead, traders are closely monitoring the upcoming price movements of Shiba Inu, with a particular focus on key liquidity levels within the market. While a reversal may be possible, the current strength of bearish pressure suggests that bulls may face challenges in the near future.

As the situation unfolds, investors and analysts are urged to exercise caution and carefully evaluate their trading strategies in light of the ongoing market conditions. This analysis serves as a guide and should not be considered as financial advice, as ultimately, the future performance of Shiba Inu remains uncertain.