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Shiba Inu's price has been repeatedly rejected at significant resistance levels, which has caused it to struggle with upward momentum. The asset is stuck in a difficult range that indicates persistently negative market sentiment despite efforts to regain its bullish footing. With a current price of $0.00002125, SHIB has not been able to overcome important resistance levels, especially the 26 and 50 EMA, which serve as a robust ceiling on price growth.
Shiba Inu's attempts to buck the recent downward trend have yet again failed. A strong support zone in the past, the asset is currently trading close to its 200 EMA. A clear break below this level might signal the beginning of a more severe decline, which might push SHIB closer to its next important support level at $0.00001881.
On the other hand, regaining the 50 EMA would indicate fresh bullish momentum, but the volume that has been absent from recent attempts indicates that traders are still being cautious. A lack of significant buying pressure is indicated by the recent rejection at resistance levels.
Gamza KhanzadaevThe Relative Strength Index (RSI) is currently in the neutral zone, suggesting that traders are unsure of what to do. Before a final decision is made, this situation may result in more consolidation. Selling pressure may increase and push SHIB closer to the $0.00001881 support zone if the 200 EMA declines.
More losses are likely if this level does not hold. SHIB needs to break above $0.00002272 with significant volume in order to buck the trend. A test of greater resistance at $0.00002489 may result from this.
Shiba Inu is still under pressure for the time being, and its future course is largely dependent on maintaining crucial support zones or breaking through important resistance levels. Traders are advised to exercise caution and patience while they wait for more distinct signals.
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.
Tomiwabold Olajide
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin