Assessing how Shiba Inu [SHIB] will present an attractive selling opportunity

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Shiba Inu has been bearish on the price charts in recent weeks. Investor sentiment has been negative and the trading volume also saw a fall in recent days. This, although the network performance has remained healthy.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

For Bitcoin‘s part, although it approached a critical level of support, it remained uncertain whether the downtrend across the crypto-market would see some relief. Federal Reserve Chair Jerome Powell cautioned that interest rates could head higher, an update that negatively impacted investor sentiment.

Source: SHIB/USDT on TradingView

On the daily chart, the structure was bearish after SHIB broke beneath the higher low at $0.0000117 (shown in orange). This occurred on 3 March and the price has also left a fair value gap (white) in this zone. Therefore, the conclusion is that sentiment was strongly bearish and sellers dominated the market.

The RSI reflected the shift in bias when it fell below the neutral 50-mark and retested it as resistance in late February. However, the OBV did not yet note large losses, although it did fall under a support level from February. This highlighted that Shiba Inu sellers are likely to strengthen in the coming days.

Further above the imbalance seemed to be a bearish order block at $0.0000123. This zone has acted as a vital area of supply and demand over the past two months. Hence, a retest of this zone would likely present a good risk-to-reward shorting opportunity.

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Meanwhile, the next levels of support were at $0.0000105 and