Primary Downtrend Threatens to Resume
SHIB continues to show signs that its primary downtrend may be resuming. The recent sequence of medium-term lower highs and lower lows is keeping the broader technical picture firmly tilted towards the bears.
Breakout Turns Into a Fakeout
The explosive move to $0.0⁵583 initially looked promising, but SHIB failed to hold above the previous $0.0⁵520 resistance level. The subsequent reversal has turned that move into a clear fakeout, with price giving back much of the advance.
Moving Averages Continue to Weigh
Price has fallen back below the bearishly crossed 100/50-Day EMAs, with both averages continuing to act as overhead resistance. Bulls also failed to reclaim the previous $0.0⁵520 level during the latest recovery attempt.
Bulls Need to Reclaim $0.0⁵468
The first meaningful improvement would come from a break above the recent $0.0⁵468 swing high. This would give SHIB a short-term bullish change of character, although considerably more work would be required to reverse the broader downtrend.
Another Breakdown Would Strengthen the Bears
The recent $0.0⁵435 swing low is now the immediate level to watch. A break below would continue the bearish structure and shift attention back towards the June 25 low around $0.0⁵405, although extremely low volume suggests selling conviction remains limited.
In Summary
SHIB remains under pressure after failing to hold its breakout above $0.0⁵520, with the spike to $0.0⁵583 increasingly looking like a fakeout. Price remains below the bearishly crossed 100/50-Day EMAs, while the recent structure continues to favour sellers. Bulls need to reclaim $0.0⁵468 to produce a short-term change of character. Below, a break of $0.0⁵435 would put the June low around $0.0⁵405 firmly back in focus.
SHIB continues to show signs that its primary downtrend may be resuming. The recent sequence of medium-term lower highs and lower lows is keeping the broader technical picture firmly tilted towards the bears.
Breakout Turns Into a Fakeout
The explosive move to $0.0⁵583 initially looked promising, but SHIB failed to hold above the previous $0.0⁵520 resistance level. The subsequent reversal has turned that move into a clear fakeout, with price giving back much of the advance.
Moving Averages Continue to Weigh
Price has fallen back below the bearishly crossed 100/50-Day EMAs, with both averages continuing to act as overhead resistance. Bulls also failed to reclaim the previous $0.0⁵520 level during the latest recovery attempt.
Bulls Need to Reclaim $0.0⁵468
The first meaningful improvement would come from a break above the recent $0.0⁵468 swing high. This would give SHIB a short-term bullish change of character, although considerably more work would be required to reverse the broader downtrend.
Another Breakdown Would Strengthen the Bears
The recent $0.0⁵435 swing low is now the immediate level to watch. A break below would continue the bearish structure and shift attention back towards the June 25 low around $0.0⁵405, although extremely low volume suggests selling conviction remains limited.
In Summary
SHIB remains under pressure after failing to hold its breakout above $0.0⁵520, with the spike to $0.0⁵583 increasingly looking like a fakeout. Price remains below the bearishly crossed 100/50-Day EMAs, while the recent structure continues to favour sellers. Bulls need to reclaim $0.0⁵468 to produce a short-term change of character. Below, a break of $0.0⁵435 would put the June low around $0.0⁵405 firmly back in focus.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.