According to U.Today, Shiba Inu, a popular meme token, has been unable to maintain the 100 EMA support level, opening below it in the recent trading session. This movement below the average is causing significant concerns and could be a negative indicator for investors. The asset's next support level is close but is situated beneath a key resistance level.
The Shiba Inu chart is displaying a bearish trend as it attempts to stabilize above the 100 EMA. If the selling pressure intensifies, the price could approach the next major support at $0.000019, as suggested by the break below this support level. This area is critical for SHIB as it could either provide a base for a rebound or, if breached, could lead to further declines.
Bearish signals are being shown by technical indicators such as the RSI. The RSI's proximity to the oversold area implies that the selling pressure may persist. However, if buyers step in to capitalize on the lower prices, the oversold situation could also present an opportunity for a brief rebound.
The volume profile shows a decrease in trading activity compared to previous sessions. In a downtrend, lower volume typically indicates a decrease in buying interest, which could make it challenging for SHIB to make a significant comeback in the near future. The declining volume further supports a more pessimistic outlook for the meme token, suggesting that investors are distancing themselves from the token.
However, if SHIB can maintain this level and show signs of strength, a rebound may be imminent, indicating that the worst of the selling may have passed.
