Shiba Inu Fails to Break $0.00001190 Resistance, Faces Bearish Trend

On March 11, 2025, Shiba Inu (SHIB) faced significant resistance at the $0.00001190 mark, struggling to surpass this level. The cryptocurrency's price action revealed a downward channel pattern, characterized by consecutive bearish trends between gradually lower peaks and valleys. This pattern indicated weak buying power, preventing the price from appreciating beyond its resistance levels.

Technical indicators played a crucial role in understanding the market conditions. The Relative Strength Index (RSI) reached above 70, signaling an overbought situation and forecasting a potential price drop. Conversely, an RSI value below 30 at the daily low point suggested that the market asset had reached an undervalued state. The Moving Average Convergence Divergence (MACD) indicator also provided valuable insights. A Golden Cross pattern formed when the MACD signal exceeded the signal line, reinforcing the market's buying momentum. However, when the price reached the resistance area, the MACD line crossed beneath the signal line, leading to a Death Cross pattern formation, which indicated a potential reversal in the market trend.

Trading strategies for SHIB on March 11, 2025, hinged on its ability to cross above the resistance mark. If the price exceeded $0.00001190 with strong buying activity, it could initiate a price increase aiming for $0.00001220 or beyond. Bullish predictions would be supported by an RSI value exceeding 60 and the creation of another Golden Cross on the MACD. Conversely, if the price failed to break through the resistance threshold, it would conduct a support test at $0.00001140. A breakdown below this support level could see the price return to its lowest daily level of $0.00001080, indicating bearish market conditions.

The SHIB/USDT price chart depicted clear support and resistance boundaries, combined with RSI and MACD indicator analytics. While the price showed signs of recovery, confirmation through a breakout or breakdown was necessary to determine the next major movement. Traders were advised to closely monitor key levels and indicators before making trading decisions, ensuring they aligned with market conditions for optimal risk management.