$SHIB in Catastrophe Mode - U.Today Analytics

Shiba Inu lost the 200 EMA support level, and its price plummeted, causing a substantial loss. The $0.00002 level is realistically gone, so our best bet is the psychological $0.000015 support. However, in reality, the most likely scenario out there is a drop to multi-month lows for SHIB.

SHIB's failure to hold the 200-day Exponential Moving Average (EMA), which many traders view as a strong support level, indicates a significant breakdown in the most recent chart. SHIB has fallen precipitously as a result of the loss of this support level, which set off a rapid decline. The next crucial level is currently the psychological support at $0.000015, but given the momentum, even this might not hold.

At press time, SHIB is trading at:

- $0.00001877 on Binance

- $0.00001879 on WhiteBIT

- $0,00001878 on KuCoin

The trading volume confirms that the market sentiment has turned decisively bearish by showing an increase in selling pressure. Given that the Relative Strength Index (RSI) is currently well into oversold territory, it is possible that SHIB is currently undervalued. But given the present negative sentiment, the oversold situation might not be sufficient to stop the declining trend on its own. 

SHIB may be approaching multi-month lows and may test levels not seen since the start of the year if it keeps declining. Bearishness is increased by the weakness of the cryptocurrency market as a whole and the absence of a compelling use case for Shiba Inu. Without a big catalyst the market dynamics imply that SHIB may have trouble finding a bottom in the near future.  It is advisable to prepare for additional fluctuations and possible drops. It appears that SHIB will continue to move lower until it can recover and maintain above the 200 EMA which is a significant technical setback.