- SHIB faces strong rejection near $0.00001558, risking a drop below key support.
- Bearish momentum dominates as SHIB trades near $0.00001328 with weak buyer conviction.
- Lunar cycle suggests a potential SHIB rebound in mid-August before a fall rally.
Shiba Inu (SHIB) continues to face mounting pressure as market sentiment turns cautious. Following a sharp rejection near the $0.00001558 resistance level, SHIB has now dipped to $0.00001330, marking a significant 11.91% drop over the past 24 hours. The recent price action suggests fading bullish strength, especially as the token hovers just above a vital support zone at $0.00001328.
With over $556 million in daily trading volume, the activity remains high, but the direction leans bearish. SHIB’s consolidation phase appears to be extending, raising concerns about a deeper correction if support fails to hold.
SHIB now testing a critical support level
SHIB’s daily chart shows clear signs of consolidation after a failed attempt to breach the $0.00001558 resistance. According to SHIB KNIGHT, the recent bearish candle confirms a strong rejection and fading bullish momentum.
Bulls now face the challenge of reclaiming $0.00001417 before even thinking of testing $0.00001558 again. Until then, downward pressure persists, and bears appear firmly in control.
Interestingly, SHIB is hovering just above a major support zone at $0.00001328. If this level fails to hold, downside risk increases significantly. A fall toward $0.00001200 could play out quickly.
Related: SHIB Climbs Above $0.000015 in a Massive Trend Reversal Move, Targets $0.000017
However, a strong bounce from this support might ignite a short-term relief rally. Still, buyers lack conviction, and sentiment remains weak.
Lunar Patterns and Long-Term Outlook
Charting Guy offers a unique perspective by aligning SHIB’s price behavior with lunar and macro cycles. According to his analysis, SHIB could form a local high in late July. Following this, a slight pullback into early August is expected, potentially driven by broader market pauses.
Related: Shiba Inu: A Potential Dark Horse of The Upcoming Altseason
Momentum might rebuild into mid-August, especially around the new moon. This could bring a higher high for SHIB. The forecast includes sideways action through September, leading into a potential breakout in late October. This period aligns with key ETF deadline events and a possible parabolic move.
Key levels to watch over the long term include resistance at 0.000023 and $0.000065. Support is expected to remain around $0.000014 in the near term.
Burn Rate Slows as Market Waits
Adding to the uncertainty, SHIB’s token burn rate has plunged 95.9% in the past 24 hours. Only 155,584 SHIB tokens were burned, suggesting waning community activity. With 410 trillion tokens burned from a nearly 1 quadrillion supply, the circulating supply still hovers above 584 trillion.
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