Crypto Dream

06/18 02:51

Market slowly entering recovery phase as majority

Market slowly entering recovery phase as majority of assets show uptrend potential.
The market is having trouble finding any significant support or bullish catalyst, so Shiba Inu (SHIB) is still slowly declining into uncertainty. Two crucial price levels, $0.00001167 and $0.00001061, are currently showing up as the last obstacles standing between a full recovery and a total collapse. Following several breakdowns from higher EMA zones, SHIB's last-resort local support is currently the $0.00001167 level. It is essential to maintain above this threshold in order to avoid a steeper drop. But the warning signs are mounting as SHIB has recently dropped below this line and is having difficulty recovering it. The level of $0.00001061, the next critical zone, is practically the bulls' final stronghold. 
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A decline below this threshold would eliminate any chance of a speedy recovery and might pave the way for SHIB's price tag to be hit with another zero. The market structure indicates that SHIB will reach that point sooner than most people would like to acknowledge if it is unable to recover quickly. What makes this pessimistic outlook worse is the sharp decline in trading volume. In the past, low volume at support levels indicates that buyers are not very convinced. Every bounce attempt made by SHIB has been weaker, and the volume is drying up daily. 
False breakouts and volatility driven by whales flourish in this setting. Additionally, technical indicators validate the pressure. Even though the 50, 100 and 200 EMA levels have now become dynamic resistance, SHIB is still well below them. Around 35, the RSI is flattening, suggesting that there is still no buying momentum even in oversold conditions. SHIB must first regain and hold above $0.00001167 with conviction and a high volume if it wishes to change direction. If it is less, $0.00001061 will probably be tested; if it does not work, things will quickly become ugly.

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