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SHIB is Consolidating Near $0.000011; Breakout or Breakdown Ahead?
- SHIB is consolidating near critical support at $0.000011 amidst bearish market conditions.
- Whale wallet data and realized losses indicate growing investor pessimism.
- Technical indicators, like RSI and MACD, suggest potential for further downside.
- A breakout above $0.000011 could lead SHIB towards $0.000013 resistance, while a failure to hold may trigger retesting of April lows.
- SHIB price hovers around $0.000011 with a volume of $91.34M and market cap of $6.81B.
- Despite facing downward pressure due to global risk sentiment, SHIB is eyeing a bullish reversal towards $0.000013.
- On-chain data and whale wallet analysis indicate increased selling pressure and risk aversion towards meme coins like SHIB.
- SHIB suffered a 14% decline after rejection by the 50-day EMA and a descending trendline, but found support at $0.000011.
- Key indicators such as RSI at 34 and MACD sliding downwards suggest further bearish momentum.
- If SHIB fails to regain strength, it may retest the April low of $0.000010; conversely, a bullish trend could target $0.000013.
- Overall, the SHIB market is under pressure due to macroeconomic uncertainties, with potential for both breakout and breakdown scenarios.
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