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Shiba Inu (SHIB) Support Shattered: Next Price Level Revealed

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Tue, 11/06/2024 - 9:02
Shiba Inu (SHIB) Support Shattered: Next Price Level Revealed
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Shiba Inu has failed to hold the 100 EMA support level and has opened below it during this trading session. The fact that the price of the meme token is moving below this moving average raises substantial concerns and may be a negative signal for investors. The next support level for the asset is not far away but is located below a crucial resistance level.

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The Shiba Inu chart shows a bearish trend as it tries to stabilize above the 100 EMA. If selling pressure gets more intense, the price may approach the next major support at $0.000019, as indicated by the break below this support level.

SHIBUSDT
SHIB/USDT Chart by TradingView

For SHIB this area will be crucial because it has the potential to either provide a base for a rebound or, in the event that it is breached, to cause further declines. There are bearish signals being displayed by technical indicators such as the RSI. The fact that the RSI is currently in close proximity to the oversold area suggests that the selling pressure might continue.

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Nevertheless, if buyers intervene to take advantage of the lower prices, the oversold situation also creates the chance of a brief rebound. The volume profile indicates a decline in trading activity in comparison to earlier sessions. In a downtrend, lower volume usually signals waning buying interest, which may make it difficult for SHIB to stage a significant comeback anytime soon. 

A more pessimistic outlook for the meme token is further supported by the declining volume, which suggests that investors are distancing themselves from the token. A rebound may be imminent if SHIB is able to maintain this level and show signs of strength, suggesting that the worst of the selling may have passed.

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