Shiba Inu (SHIB) recently fell below the critical $0.00002631 mark, putting it under significant downward pressure. This downward trend indicates that market challenges are increasing, making it increasingly difficult for SHIB to maintain its position above the 100-day simple moving average (SMA).
Breaking below this important support level means that sellers have gained dominance, raising questions about whether this token can rebound in the short term.
With negative sentiment intensifying, SHIB is now at a critical juncture. Will the bulls be able to mount a strong counterattack, or will SHIB continue to decline? The next few days will determine its next move.
From a technical perspective, SHIB still faces significant downward pressure.
Currently, SHIB's price has fallen below the 100-day moving average, which is typically an important technical indicator indicating that the overall market trend may be leaning downward. Falling below this critical level suggests that selling pressure exceeds buying support, presenting more challenges for SHIB.
Typically, the 100-day moving average serves as support during an upward trend, helping to maintain price momentum. However, now that SHIB's price has fallen below $0.00002631, it is challenging for it to regain its previous upward momentum.
This trend has also raised concerns in the market about whether SHIB can rebound. If the price stays below this critical level for an extended period, it may lead to increased selling pressure and deepen market pessimism. For SHIB to regain its previous upward momentum, it must quickly rise back above the 100-day moving average to unlock new upward potential and recovery opportunities.
In addition, the relative strength index (RSI) of Shiba Inu (SHIB) has dropped significantly, currently standing at 35%. This sharp decline indicates that bullish momentum has weakened significantly, and the market is being dominated by selling pressure. An RSI of 35% suggests that SHIB is approaching oversold territory, highlighting the intensity of the recent drop.
Such a low RSI level may suggest that SHIB is facing strong selling pressure; however, if buyers start to enter the market, a short-term rebound could occur. But if market sentiment does not improve significantly or buying pressure fails to recover, the ongoing bearish trend could lead to further declines for SHIB. Therefore, tracking changes in RSI in conjunction with other technical indicators is crucial for determining whether a reversal or continued decline will occur.
Key support level: How low will SHIB fall?
After Shiba Inu broke below the important $0.00002631 support, market attention has shifted to the next possible support zone. The current direct support level is around $0.00002045, which has shown strong support during previous downturns. If this support fails to hold, SHIB could further drop to $0.00001272 or even lower, putting market sentiment to a significant test.
However, if the bulls can find opportunities near these support levels and gather enough buying power, it could trigger a rebound, pushing SHIB's price back up and challenging previous resistance areas. If the price can bounce back at these support zones, it would indicate a resurgence in market buying interest, giving SHIB a chance to reverse the current downward trend and regain upward momentum.
