Shiba inu SHIB, the world's second-largest meme token by market value, trades in the bearish territory below the Ichimoku cloud after facing high-volume selling overnight.
The Ichimoku Cloud, a technical indicator developed by a Japanese journalist in the 1960s, is used to analyze market trends, identify support and resistance levels, and gauge momentum. It is composed of several lines and a cloud-like area, all of which provide insights into potential price movements.
Crossovers above and below the cloud represent bullish and bearish shifts in market trends.
SHIB experienced high-volume selling at key resistance at 0.00001307 on Sunday between 6:00 and 22:00 UTC, and subsequently fell back to 0.00001274, staying in the bearish territory below the Ichimoku cloud.
Geopolitical tensions and shifting trade policies continue to influence cryptocurrency markets, with Shiba Inu (SHIB) demonstrating resilience amid broader economic uncertainty.
While maintaining its newly established higher range, SHIB faces significant resistance as global trade disputes impact investor sentiment across both traditional and digital asset classes.
Key technical insights
- Key resistance emerged at 0.00001307, with high volume selling pressure during the 16:00 and 22:00 sessions.
- Strong support formed at 0.00001275, backed by above-average volume during the 03:00 reversal.
- In the last hour, SHIB experienced significant volatility with a notable price surge from 0.00001289 to 0.00001293 during the 07:13-07:19 period.
This bullish momentum reversed sharply at 07:27, when prices dropped 1.2% to 0.00001283, forming a clear resistance zone around 0.00001293. - The final 30 minutes showed consolidation between 0.00001283 and 0.00001285, with decreasing volume suggesting exhaustion following the earlier volatility.
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