Will SHIB price recover?

Nevertheless, recovery is not as simple as it seems. Shiba Inu’s price lost key support levels, which could lead to further declines. SHIB’s price recently fell below $0.000019 and is close to falling below $0.000018. If SHIB price fails to recover quickly, further declines are expected due to increased selling pressure.

SHIB is currently experiencing a slight decline, with the price breaking through a key support level that it had previously held. In the past 24 hours, SHIB has fallen by 3.58%, reaching a price of $0.000018. Similar to other major cryptocurrencies such as BTC, ETH, and SOL, SHIB experienced a weekly decline of 14.00% this week.

Although SHIB has fallen by 20.40% this month, it still shows a strong return rate, compared to other major cryptocurrencies with a gain of 176.69%. The activity in the market is also high, with a 24-hour trading volume increasing by 43.80% to $258.85 million.

The early morning drop seems to have broken the SHIB's sideways trend, indicating that the price may begin to adjust downward. From a technical analysis perspective, the SHIB has broken through the long-held support level of 0.00002048, which is an important trend change. Previously, the price had been fluctuating between this support level and the strong resistance level of 0.00002109.

Multiple technical indicators also support this trend change. For example, the RSI fell sharply from 55 to 10 in one day, showing that the market is facing significant selling pressure and approaching oversold levels. In addition, the 30-day moving average has begun to turn downward, suggesting that there may be further downward movement in the short term. This line is also currently lagging behind the 200-day moving average, indicating that selling pressure remains and there may be more room for decline in the future.

Therefore, whales may consider selling after the price breaks through important support levels, especially when technical indicators show strong sell signals.

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