Shiba Inu has fallen lower down the price charts after the rejection at the $0.0000117 resistance on 16 April, and the continuous selling pressure saw bulls unable to defend a demand zone from May.
highlighted the importance of the support zone at $0.00001. In recent hours this area gave way after the bulls were exhausted holding on. Where could SHIB go next?Source: SHIB/USDT on TradingView
The H4 bullish order block at $0.00001 was highlighted in cyan. It has confluence with a higher timeframe support level at $0.0000998 as well. However, this level was breached in the past 48 hours. Moreover, the March lows at $0.00000965 were lost as well. This development showed strong bearish sentiment in the market. The former bullish order block will likely act as a bearish breaker upon retest and could offer short sellers an opportunity to short the asset.
The RSI was at 28 to show sizeable downward pressure, although the CMF was yet to cross over beneath the -0.05 mark.Therefore the CMF hinted that selling pressure was not yet dominant, but the price action highlighted bearish intent. A retest and rejection from the $0.00001 area will likely see Shiba Inu fall to the $0.0000079 level.
Yet, the sentiment continued to favor the sellers. The falling OI and prices over the past two days were indicative of discouraged buyers. Together with the price action, it highlighted the likelihood of further losses for Shiba Inu.
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