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The asset's value has dropped dramatically over the last few weeks, and Shiba Inu is in a freefall. Concerns about additional declines have been raised as the bearish momentum has accelerated, pushing SHIB further into negative territory. The market may still be in the midst of its downward trend based on the current price action.
Since SHIB has fallen below important support levels, sellers are clearly in charge. SHIB is currently trading around $0.00001740, further intensifying the bearish pressure following the recent break below the psychological support at $0.00001900. If there are no indications of a recovery right away, the price drop may quicken.
One significant issue is that SHIB, which is currently trading at about $0.00002075, has not been able to recover its 200 EMA. A larger downward trend is indicated by the moving average's loss, which has historically served as a trend indicator. Furthermore, the bearish structure is being reinforced by the 100 EMA at roughly $0.00002160, which limits any possible recovery attempts. SHIB may continue to decline according to the current structure with $0.00001500 serving as the next critical support.
Yuri MolchanThe market may experience a more severe decline toward $0.00001200, an area of historical accumulation, if this level is broken. If selling pressure is still high, the RSI indicator's oversold conditions at about 33.5 won't be enough to cause a reversal. SHIB needs to move above the 200 EMA in order to regain its bullish momentum, ideally regaining $0.00002100 as support.
In the meantime, rallies might not last long because the daily chart is still showing lower highs. With the bearish momentum picking up speed, Shiba Inu is currently seeing one of its steepest drops in recent months. In the near future, SHIB might experience even greater losses in the absence of a discernible reversal pattern. Although traders should keep an eye out for possible support levels, the outlook is still bleak as long as the asset stays below important moving averages.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Yuri Molchan
Dan Burgin
Vladislav Sopov