Crypto Market Review: Shiba Inu (SHIB) Recovery Ends Abruptly, Ethereum (ETH) Uptrend Is In, Is Bitcoin (BTC) Close to Breaking $70,000?

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. With price action now suggesting that the short-term rebound phase may already be over, Shiba Inu's recent recovery attempt has lost steam. After recovering from local lows and momentarily reviving trader optimism, SHIB was unable to maintain upward pressure and swiftly reverted to a corrective structure, indicating that sellers are still in charge of the overall trend. According to the most recent chart action, SHIB made an effort to break out of a consolidation pattern that was getting tighter, but there was no follow-through buying volume. Price stalled close to resistance and reversed, wiping out most of the recovery progress rather than creating a series of higher highs and higher lows. This rejection supports the continuous downward trend that has characterized SHIB's performance in recent months. Technically speaking, the token is still trading below important moving averages, which are still sloping downward, suggesting that bearish pressure is still present. There is still selling interest in every rally attempt, which keeps a long-term reversal from developing. The failure to regain significant resistance levels demonstrates that the recovery was more likely to be a relief bounce than a shift in the structural trend. With the recovery coming to an abrupt halt, traders and investors should exercise caution. SHIB runs the risk of reentering previous support zones in the absence of fresh buying power or a change in the mood of the larger cryp...