#SHIB  Shiba Inu at 7-Day Low—Can Bulls Turn the Table Before Q2 Ends?

Leading meme coin Shiba Inu SHIBUSD has fallen almost 15% in the last seven days to a weekly low. At the time of writing, the altcoin is trading at $0.0000116.

The decline comes as rising tensions in the Middle East cast a shadow over broader cryptocurrency market sentiment and triggered risk-off behavior among SHIB holders.

SHIB Traders Expect More Losses

On the technical front, momentum indicators suggest that the meme coin could face more losses in the short term. For example, the token’s BBTrend remains in the red on the daily chart, confirming that bears are in control.

BBTrend measures the strength and direction of a trend based on the expansion and contraction of the Bollinger Bands. When BBTrend values ​​are positive, it usually indicates a strong uptrend, while negative values ​​indicate increasing bearish momentum.

When observed on a daily chart, SHIB’s BBTrend indicator has posted red histogram bars that have been increasing in size over the past 13 days. This indicates increasing selling pressure among spot traders of the token.

Furthermore, the meme coin’s Elder-Ray Index supports this bearish outlook. At the time of writing, the indicator is below zero at -0.0000011.

The Elder Ray Index measures the strength of market buying and selling pressure and uses two main components: Bullish Power and Bearish Power. When the indicator is negative, sellers are dominating the market. This confirms the bear trend in SHIB markets and indicates continued bearish momentum in the short term.

Can SHIB Maintain Resistance?

SHIB is currently trading just above the key support level at $0.0000102, a price base last tested in April. If bear pressure increases, SHIB could retest this critical area.

If the support level fails to hold, further declines in market sentiment and weak demand could push the token towards the $0.00000939 level.

Conversely, if bullish momentum picks up and buyer interest returns, the Shiba Inu token price could recover and a potential upside target could be near the $0.0000122 level.

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