Shiba Inu coin selling is frantically emerging, and market sentiment has turned negative. Is it time to buy? Where is the hope for SHIB to rebound?
The recent price of Shiba Inu (SHIB) has fallen below the key $0.00002631 mark, which has put it under great downward pressure. This downward trend shows that the market is becoming more and more challenging, and SHIB's position above the 100-day simple moving average (SMA) is becoming increasingly difficult to maintain.
The break below this important support level means that sellers have taken the lead and also raises questions about whether the token can rebound in the short term.
SHIB is now at a critical juncture as negative sentiment intensifies. Will the bulls fight back strongly next, or will SHIB continue to fall? The next few days will determine its next move.
From a technical perspective, SHIB is still facing a lot of downward pressure
At present, the price of SHIB has fallen below the 100-day moving average, which is usually an important technical indicator, meaning that the overall trend of the market may be biased to the downside. Below this key level, it shows that the pressure of selling is greater than the support of buying, which brings more challenges to SHIB.
Normally, the 100-day moving average plays a supporting role in an uptrend, helping to maintain the upward momentum of prices. But now, the price of SHIB has fallen below $0.00002631, making it difficult to regain its previous upward momentum. This trend also makes the market worry about whether SHIB can rebound. If the price is below this key point for a long time, it may bring more selling pressure and deepen the pessimism in the market. If SHIB wants to restore its previous upward momentum, it must quickly re-stand on the 100-day moving average, so as to stimulate new upside potential and recovery opportunities. In addition, the relative strength index (RSI) of Shiba Inu (SHIB) has fallen sharply and has now dropped to 35%. This sharp drop means that the bullish force has obviously weakened and the market is dominated by selling pressure. It means that SHIB is close to the oversold area, which also highlights the strength of the recent decline. As a senior cryptocurrency investor, I would like to share my experience and insights. Are you interested in the cryptocurrency circle but don’t know where to start? Click on the avatar to see the introduction of Zhuye, follow the official account and join the group, and witness the moment of miracle together