As reported by U.Today, Shiba Inu has reached a turning point. After climbing towards the 50 EMA, SHIB has experienced a dramatic reversal at the 50-day EMA. This shift away from the 50 EMA indicates that SHIB's momentum is cooling, in line with the overall trend in the cryptocurrency market. This reversal occurred amidst neutral trading volume, suggesting that traders are less committed to driving SHIB's price.
The market’s hesitation is also reflected in the RSI, which is at the mid-level of 50, which usually indicates a condition that is neither overbought nor oversold. The RSI reflects the current indecision in the market to some extent. The inability of SHIB to make a breakout above the 50 EMA reflects the current state of the market, which is a lack of buying power in different assets. The support level is at $0.000021, which serves as an immediate floor for SHIB. If this line is broken, further declines are likely, with possible support at the lower border of the trading channel, near $0.000012. If SHIB is able to bounce back and conquer the 50 EMA, then there is a chance to target higher resistance levels. The first area of contention would be the recent high, which is around the $0.00003 range. However, the upward path for SHIB may not be smooth, as it requires a lot of market participation and sentiment changes to drive such an increase.
SHIB's next move depends on whether it can find the strength to bounce off current levels or if the pause in the market signals a deeper pullback. We should continue to track the $0.000021 support and the reversal from it. There is a high chance of a strong and fast bullish pullback and abandoning SHIB has proven to be an unwise decision.
