SHIB markets have been under sellers’ control for at least 8 of the past 9 days, indicating a win for bears.
The charts indicate that in the past 8 of 9 days, the daily candles have been closing as red. On Aug. 13, the chart shows the first red candle stick, with the daily low reported to be $0.00001013.
What ensued was a recurrence of the same red candlestick every day for the next 4 days before SHIB buyers closed the markets with green candlesticks on Aug. 18. After the 18th, the previous trend continued until today.
Last Happened 9 Months Ago
Shiba Inu last reported a trend 9 months ago, between Nov. 5 and 13. In this period, 8 of 9 daily candlesticks were red.
After the last candlestick on the 13th, the market ensued with sideways price action for several days before recording some minor plunges. SHIB didn’t take a positive reversal until at least two months later, starting January 8.
Before November, SHIB had gone through a similar pattern in June 2022, between the 4th and 13th. However, after the trends in June, the cryptocurrency saw some major price surges a few days later.
Is SHIB at a Local Bottom?
A look at the market charts indicates a reduction in the selling volumes of SHIB as the pattern ensues. Between 18th and 21st, the selling volumes have been diminishing. Analysts suggest that this reduction in selling volumes could mean that SHIB is already at its local bottom.
However, SHIB could still go lower to crash the levels at $0.0000077, $0.0000069, and $0.0000064. Initially a strong support level, the $0.000009 mark is now a tough resistance.