For Shiba Inu, the support level of 130 trillion SHIB is nearing its threshold, which may determine its trend for the next period. This position is a significant hurdle for sellers and might be the last lifeline for bulls wanting to push the price up.
However, from the market indicators, SHIB's overall trend remains cautious. From the candlestick chart, Shiba Inu has failed to stabilize above the price of $0.00002800, which also indicates that its upward momentum is weakening.
Previously, SHIB relied on the 26-day moving average for support during its rise, but this time's pullback puts it at risk of a breakthrough. If the closing price significantly falls below the current support level, the price may continue to decline, with targets possibly pointing to the key levels of $0.00002249 and $0.00002031. Bulls need to protect these support levels; otherwise, a deeper adjustment may be on the horizon.
In addition, the trading volume has clearly decreased, indicating that both buyers' and sellers' interests are waning. Although SHIB is trying to stabilize its price, the decline in participation makes its situation more difficult.
If buying volume does not significantly rebound, the chances of recovery in the short term are slim, making SHIB more susceptible to downward pressure. If buyers become active again, and SHIB can hold the support at 130 trillion SHIB, we might see a slight rebound, with targets possibly at $0.00003000, where it could also face resistance.
If it breaks through this level, it may indicate new upward momentum, and investor sentiment might improve. However, at present, SHIB's price trend is still quite unstable, and caution is advised.
Overall, Shiba Inu's performance will still be influenced by the overall market sentiment. If the sentiment in the crypto market improves, SHIB may experience some slight rebounds. Before that, it is crucial to pay special attention to the support level of 130 trillion SHIB, as this will be key to determining SHIB's future direction.