Shiba Inu's recent recovery attempt failed, and the price was unable to break above the crucial 100 EMA resistance level, resulting in a major setback. As a result of this significant drop in bullish momentum, traders and investors are beginning to doubt whether a long-term upward trend is possible. SHIB is currently trading at about $0.00002215, reversing its recent rally attempt.
As a powerful resistance, the 100 EMA, which is located at roughly $0.00002255, rejected the price and indicated that bearish sentiment would persist. The market lacks the conviction necessary to push SHIB higher, so the recovery attempt has essentially been terminated due to the inability to surpass this level.
A further cause for concern is the apparent decline in trading volume, which indicates a decline in interest in the token. Lack of market participant support is frequently indicated by lower volume during a failed recovery, which makes it challenging for the price to maintain any bullish momentum. This implies that there is less speculative interest in SHIB — especially since there have not been any notable market catalysts.
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In the future, Shiba Inu will find immediate support near the 200 EMA, which is roughly $0.00002055. A break of this barrier might cause the price to drop further, possibly reaching the psychological support zone of $0.0001900. For SHIB to regain bullish momentum and target the next resistance near $0.00002494, it must reclaim the 100 EMA at $0.00002255.
Notwithstanding the relative expansion of the overall market, Shiba Inu's poor performance underscores its difficulties in staying relevant to investors. SHIB is still under pressure for the time being, and its future depends on finding new investors and maintaining important support levels. To determine whether an asset is likely to revert, keep an eye on the volume and various momentum indicators that directly affect the trend strength of SHIB.
