Shiba Inu has witnessed strong bearish pressure as its price slipped below the critical $0.00002631 level. This downward move reflects the increasing challenges in the market, with SHIB struggling to maintain its position on the 100-day Simple Moving Average (SMA). Breaking below this important threshold highlights the dominance of sellers, raising questions about the token's recovery potential in the short term.
As negative momentum increases, SHIB's price action is at a critical moment. Will the buyers gather strength to reclaim lost ground, or will this meme coin head towards deeper losses? The coming days will be crucial in determining the next phase of Shiba Inu's journey.
Technical indicators signal ongoing bearish pressure on Shiba Inu.
Currently, the price of Shiba Inu is trading below the 100-day SMA, a significant technical indicator that often signals the overall market trend. Trading below this critical level suggests that bearish momentum is overshadowing bullish efforts, creating a challenging environment for SHIB.
The 100-day SMA often serves as a dynamic support level in an uptrend, helping to maintain upward strength. However, its current position below $0.00002631 indicates that this token has struggled to regain its upward trajectory.
Moreover, this development raises concerns about the recovery potential of SHIB, as prolonged trading below this threshold could exert additional selling pressure and deepen the bearish outlook. For SHIB to regain positive growth momentum, a decisive move back above the 100-day SMA is essential, triggering new strength and recovery potential.
Additionally, the Relative Strength Index (RSI) has significantly dropped, currently at 35%. This sharp decline reflects a substantial loss of bullish strength, with selling pressure dominating the market. At 35%, the indicator shows that Shiba Inu is nearing the oversold territory, highlighting the intensity of the recent downward move.
Such a low RSI level may signal that the token is under significant selling pressure and could rebound in the short term if buyers begin to participate. However, continuous downward momentum may push SHIB's price down without a clear change in market sentiment or buying activity. Monitoring the RSI in conjunction with other technical indicators will be crucial in identifying potential reversal points or ongoing downside risks.
Key support level below $0.00002631: How low can SHIB go?
As Shiba Inu slips below the critical $0.00002631 level, attention turns to the next important support zone that could determine its price trajectory. The immediate support level is near $0.00002045, a level that previously showed resilience during downturns. If this does not hold, SHIB may face further declines towards $0.00001272 or even lower, challenging the strength of market sentiment.
However, if the bulls can gather enough strength at any of these support levels, it may trigger a recovery, pushing the price higher towards previous resistance zones. A rebound from these points would signal new buying interest and pave the way for Shiba Inu to reclaim lost ground, potentially reversing the bearish trend and resetting the upward momentum.
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