While the memecoin mania had kicked off, Dogecoin & Shiba Inu refrained from making massive moves. As a result, these tokens lag behind their respective ATHs while the others form a new one. Now that the Bitcoin price rally has kicked off above the psychological barrier at $100K, these top memecoins have begun to swell. In due course, the SHIB price has encountered massive selloffs after reaching a pivotal resistance, which could be a matter of concern.
The current price action suggests the SHIB price has surged above critical resistance at around $0.000027; a valid breakout could trigger short-term upward momentum. Meanwhile, the bulls are offering enough support by backing the rally with enough buying pressure. However, the seller’s dominance continues to remain higher, which could probably push the token under bearish clouds.
Given that the Shiba INU price remains within a decisive phase, will the bulls manage to kick off a strong upswing to the resistance above $0.000035?
Currently, two major bearish crossovers are about to occur, which may intensify the ongoing bearish trend. Firstly, the base & conversion lines of the Ichimoku cloud are heading for a bearish crossover and secondly, the +Di & -Di of the DMI levels. The ADX & RSI are both decremental, while the MACD indicates the selling pressure is slowly mounting up. Adding more substance to the bearish momentum, the OBV—the volume-based indicators also plunge, suggesting a massive drop in the volume.
However, the higher targets for the SHIB price rally remain above $0.000045; however, the token is required to sustain above $0.000035 to validate a bullish move. Meanwhile, a sharp drop in the Shiba Inu price following the BTC correction could be a good signal as the investors show interest. This suggests a rise in demand for the token, which may turn the sentiments of the token from bearish to bullish.
If the market correction widens, the Shiba Inu price is expected to drop below $0.000025; otherwise, a rebound, which is more likely to happen, may revive a rise above $0.00003, trying to close the yearly trade above $0.000035.
