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Shiba Inu (SHIB) Just Lost Critical Price Level

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Fri, 24/05/2024 - 10:41
Shiba Inu (SHIB) Just Lost Critical Price Level
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All struggles aside, Shiba Inu failed to gather any worthwhile positioning over and above the $0.000024 level and went down again, opening the doors to the bears. There is the potential for a bearish crossover of the 50-day and 100-day EMAs after this latest dip; otherwise, a sour picture will be painted.

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This has left SHIB investors anxious after the token plunged under the important support level, recently seen at $0.000024. This was a critical support level in light of igniting the price uptrend, but the break now opens the token to greater risks. With the current price quoted at $0.00002391, the possibility of more crashes looks imminent.

The other, more technical, indicator to watch closely is the moving averages. The 50-day EMA is about to cross below the 100-day EMA, which is not as bearish a death cross but still a strong signal of an upcoming trend aggravation. Such a pattern is usually a very strong bearish indicator and signals that the downward trend may either continue or worsen.

SHIBUSDT
SHIB/USDT Chart by TradingView

The trading volumes have declined of late, suggesting that buyers are not interested at these levels. This lack of demand may prove difficult for SHIB to recover and make its way above the $0.000024 price level in the near term. In addition, the Relative Strength Index has fallen below the 50 level.

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There is, however, some hope. SHIB has been resilient before, and cryptocurrencies are volatile assets, so market sentiment can turn around in a few minutes. If price can hold in and around the next area of possible support — around $0.000021 — then there might still be hope of a move to the upside.

As always, stay cautious and avoid FOMO and try to stay composed as the market is currently performing in a very unpredictable way. 

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