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Extreme downward pressure is being applied to Shiba Inu as the asset finds it difficult to maintain market stability. A substantial rejection at a critical level is suggested by the recent price action, indicating that bearish sentiment is still in control. SHIB has not been able to overcome significant resistance points despite fleeting recovery attempts, making it vulnerable to additional declines.
The overwhelming influence of moving averages is one of the main causes of SHIB's weakness. Any significant upward momentum has been thwarted by the enduring barriers of short-term moving averages like the 50-day and 100-day. The likelihood of an accelerated decline toward lower support zones increases with the amount of time the asset stays below these resistance levels.
The rejection observed at $0.000013 suggests that SHIB's fight to recover is still ongoing. The likelihood of returning to the $0.00001 range increases as the price is driven lower. A more severe downtrend could result from a quick deterioration of market sentiment once this psychological level is tested. SHIB would be in trouble if the asset fell below this critical level because it would put recovery efforts in a more challenging position.
Godfrey BenjaminApart from technical resistance, SHIB is also encountering challenges due to dwindling market demand. It is more difficult for speculative assets like SHIB to draw consistent buying pressure because the meme coin market has been slowing down. The asset may continue to decline for a long time if investors do not show new interest.
Arman ShirinyanThe $0.00001 support level, which might act as a temporary floor for SHIB, is currently the focus of attention. Breaking below this level, however, would allow for additional losses if selling pressure increases, possibly pushing SHIB into previously unheard of bearish territory.
Dan Burgin
Vladislav Sopov