source: CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
2025. Jun. 02. 12:31
Shiba inu SHIB, the world's second-largest meme token by market value, trades in the bearish territory below the Ichimoku cloud after facing high-volume selling overnight.
The Ichimoku Cloud, a technical indicator developed by a Japanese journalist in the 1960s, is used to analyze market trends, identify support and resistance levels, and gauge momentum. It is composed of several lines and a cloud-like area, all of which provide insights into potential price movements.
Crossovers above and below the cloud represent bullish and bearish shifts in market trends.
SHIB experienced high-volume selling at key resistance at 0.00001307 on Sunday between 6:00 and 22:00 UTC, and subsequently fell back to 0.00001274, staying in the bearish territory below the Ichimoku cloud.
Geopolitical tensions and shifting trade policies continue to influence cryptocurrency markets, with Shiba Inu (SHIB) demonstrating resilience amid broader economic uncertainty.
While maintaining its newly established higher range, SHIB faces significant resistance as global trade disputes impact investor sentiment across both traditional and digital asset classes.