- Shiba Inu’s rapid downslide
- Shiba Inu could not recover
Over the past few weeks, Shiba Inu’s market performance has been characterized by a steady, grinding decline, according to TradingView. There has not been anything dramatic or explosive, just a persistent downward drift. However, the chart now displays a feature that frequently signals the end of these times: the price is no longer declining. Rather, SHIB is essentially holding around its current range, which is between $0.0000086 and $0.0000090. When bearish volatility eventually runs out of fuel, that type of behavior is typical.
Shiba Inu’s rapid downslide
SHIB continued to print lower highs and lower lows for the majority of November, but the most recent candles clearly indicate a slowdown. The selling pressure is no longer driving the price into new lows with the same force, the drops are getting smaller and the wicks are getting tighter. This is precisely what happens when a trend is losing steam: instead of falling, the price starts to move sideways.
SHIB/USDT Chart by TradingViewVolume backs up this theory. The big red volume spikes that were visible earlier in the move have disappeared, and trading activity has decreased. This indicates that sellers are no longer controlling the book, there is no panic, no stop-loss flush that cascades and no outflow stampede. Although they are still there, the bears are exhausted. Stabilization of markets frequently begins with weary sellers.
This image is further enhanced by the RSI. For days, it has been stuck in the low 30s, refusing to move into more severe oversold circumstances. RSI typically spikes lower with each significant leg downward in extended downtrends, but SHIB is not doing that anymore. The indicator is flattening out, indicating that the decline’s momentum is no longer picking up speed.
Shiba Inu could not recover
This does not necessarily result in a reversal. SHIB has not produced a higher low, recovered any significant EMA or displayed a suitable bullish structure. However, the dynamic shifts when a chart ceases to bleed and begins to consolidate around a stable level. A market that is not declining is getting ready for its next stage, which could be consolidation, relief or a gradual ascent back up.
As of right now, the most plausible explanation is that bearish volatility has virtually disappeared. SHIB is no longer in free-fall, and a sideways phase is becoming more and more probable. This quiet period could serve as the starting point for a corrective bounce if buyers eventually intervene with conviction.
Source: https://u.today/shiba-inu-shib-has-catastrophe-been-avoided
