Shiba Inu price was poised to end the week with a weekly loss as bulls failed to break above the 55-day simple moving average.Expect a breach below the green falling trend line to exacerbate the negative pressure.Support will be limited at $0.00001704, the January low and the low for the whole year of 2022.

Shiba Inu (SHIB) is now being scrutinized by a trifecta of negative factors that overwhelm any positive reasons. Even without addressing geopolitical tensions or concerns about stagflation, the SHIB price sends multiple gloomy signals to the markets technically. With the present state of the market, it nearly seems impossible for bulls to take a stand and attempt to squeeze out profits unless and until the scenario changes. However, until then, Shiba Inu can only go down.

The Shiba Inu pricing demonstrates that bulls have far too few tailwinds on their side.Shiba Inu’s price is now facing not just headwinds, but a cyclone of many headwinds that bulls are unable to overcome with any arguments for new highs. The red declining trend line is the clearest indication of this, with price activity being contained below it. Second, the death cross is widening even more, with the 55-day Simple Moving Average (SMA) trading farther below the 200-day SMA, and with this beginning to function as a price ceiling on the price movement, as seen on Wednesday, when the rally was cut short even before reaching the 55-day SMA.

SHIB price movement seems to be consolidating towards the bottom end of the green sustaining trend line heading into next week. Once a decisive break occurs below that level, bulls will exit the scene as a fresh region for trading to the downside becomes available, and a swing trade towards the January low makes the most sense. That would imply a decline below $0.00002000, and potentially even below the $0.00001893 level, which serves as the monthly S1 support, towards $0.00001704 and even printing a new annual low before bulls attempt to buy the dip later next week.

With cryptocurrencies trading over the weekend, any indications of successful peace negotiations or Russian military withdrawing from Ukraine would trigger a major relief surge. Due to the fact that all other assets trade only on Monday, Shiba Inu’s price might see a strong 58 percent surge as investors want to participate in the market before formal trading starts. Expect to see price action surge sharply above the monthly pivot point at $0.00002715 and continue to do so during the following week, eventually reaching $0.00003697 by next weekend.