Shiba Inu Price Dives Amid Weakening Buying Momentum
Shiba Inu's price has been under pressure as technical indicators point to weakening buying momentum. At $0.000005153, the asset is down 4.79% over the past 24 hours with a daily trading volume of $82.37 million and market capitalization at $3.03 billion.
The formation of a rising wedge pattern near resistance levels on the SHIB chart has caught analysts' attention. This structure is typically associated with bearish reversals, suggesting that buying strength may be diminishing after recent rallies. Crypto With Gopal notes that if sellers push the price below the lower boundary of the rising wedge, further declines for Shiba Inu may occur.
However, bulls continue to monitor the trendline closely in an effort to defend this key support area. If they succeed in maintaining this level, the downward trend may be averted. But if sellers gain strength and the price breaks down through the lower boundary of the rising wedge, bearish sentiment could intensify.