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With recent price action indicating that bearish momentum may intensify, Shiba Inu is at a level it cannot breakthrough. Concerns that SHIB may be on the verge of another decline have been confirmed by the token's inability to rise above the 26-day Exponential Moving Average.
A major setback for bullish traders is the inability to overcome this resistance level, which could pave the way for a more drastic decline. SHIB has been trying for weeks to pick up steam, but the 26 EMA is still an insurmountable barrier. The asset has essentially been kept from reaching a higher low, which is a prerequisite for a trend reversal.
With a possible breakdown below the critical $0.00001230 support level imminent in the absence of such a shift, SHIB is still susceptible to additional losses. A level last tested during previous market corrections, $0.00001180 is the next important level of support if SHIB is unable to hold above this price floor. If the asset falls below this range, selling pressure may increase and bearish sentiment may become more pronounced.
Tomiwabold OlajideThe larger cryptocurrency market has had difficulty gaining steady growth, and SHIB is no different. A lack of strong buyer interest at current price levels is indicated by the asset's inability to break resistance and declining trading volume. In addition, market indicators point to a persistently pessimistic outlook. The Relative Strength Index (RSI) indicates poor buying momentum as it moves close to oversold territory. Sellers may force SHIB below the $0.00001230 mark, which could lead to a series of liquidations and make a recovery more challenging.
It will take a distinct higher low formation for SHIB to break out of its current downward trend. The first indication of strength would be a successful push above the 26 EMA, which would give bulls the opportunity to regain control and try a rally toward $0.00001450. But until then, the downward trend is still in control, and any additional collapse could result in even longer declines. Because market sentiment is still shaky, holders of SHIB should exercise caution because further losses could be anticipated if important resistance levels are not reclaimed.
Vladislav Sopov
Dan Burgin