💵 Shiba Inu Loses Vital Support: Critical State of $SHIB - U.Today Analytics

Shiba Inu is on the verge of losing some important ground for the price, and it may lead to some serious issues for the token. However, there are some support levels below the aforementioned support. Luckily, the volume is descending, which, in case of a dropping price, is a good sign for the asset. There is a worrying trend in the SHIB technical indicators. The price has been attempting to maintain a higher level above $0.00002476 while testing the lower bounds of its current trading range.

This scenario implies the possibility of a further decline in SHIB should it be unable to hold its position above these support levels. Another bearish signal on the chart is the descending triangle pattern, which usually indicates that the downward trend will continue.

Regarding volume, this bearish scenario of decreasing trading volume is encouraging. The price may short-term stabilize, if lower volume on a downward trend typically signifies waning selling pressure. But SHIB will require a large boost in buying interest — which is not there at the moment — for a meaningful recovery. Bearish signals are also visible in the relative strength index, which is hovering near the oversold area at 44. This suggests that there may be room for a price bounce, but the next move will largely depend on how the market feels overall. Investors need to monitor the $0.00002310 support level closely.