Shiba Inu (SHIB) 'Sharply Blocked' at $0.000005...Will the Rebound Be Broken Again?

▲ Shiba Inu (SHIB), bear market / AI-generated image

Shiba Inu (SHIB) has been pushed back again from the $0.000005 threshold. Strong selling pressure, which blocked a rebound, has once again fueled the bearish trend that has continued for several months.

According to the cryptocurrency media outlet U.Today on July 5 (local time), Shiba Inu failed to recover the key psychological price level of $0.000005. It attempted a limited rebound with signs of stability at the end of June but encountered strong selling pressure around $0.000005.

The daily chart trend remains heavy. Shiba Inu is trading below all major moving averages, with the 100-day and 200-day moving averages positioned much higher than the price. The 50-day exponential moving average is also acting as a resistance level, preventing a rebound.

The pattern of selling pressure emerging with every rebound attempt has been repeated this year. Shiba Inu broke out of the rising wedge pattern formed from March to May, leading to further declines, and failed to secure strong buying momentum. Recently, it rebounded after falling to a short-term low near $0.000004, but the upward trend quickly halted as it approached $0.000005.

The recovery of $0.000005 was identified as a key condition to challenge the 50-day exponential moving average and open the door for further rebound. However, selling pressure prevented a breakthrough of the resistance level, and trading volume also failed to support a trend reversal. Recent trading activity is relatively limited compared to the surge in volume seen during past upward and selling phases.

The media analyzed that if strong demand does not revive, Shiba Inu could move within its current bearish channel. The immediate challenge for buyers is to recover $0.000005 and maintain that price. The possibility of returning to recent lows was also suggested if selling pressure continues.

[Article Key Summary]

-Shiba Inu failed to break through the key psychological price level of $0.000005 and encountered strong selling pressure.

-Shiba Inu is trading below all major moving averages, and the 50-day exponential moving average is also acting as a resistance level.

-With trading volume failing to support a trend reversal, the recovery of $0.000005 was identified as a key condition for a rebound.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*