For Shiba Inu, the support level of 130 trillion SHIB is about to be reached, which may determine its trend in the coming period. This position is a significant barrier for sellers and may be the last lifeline for bulls looking to push prices higher.
However, from the market indicators, the overall trend of SHIB remains cautious. From the K-line chart, the Shiba Inu has failed to maintain a price above $0.00002800, which also indicates that its upward momentum is weakening.
Previously, SHIB relied on the 26-day moving average as support during its rise, but this recent pullback exposes it to the risk of a breakthrough. If the closing price significantly falls below the current support level, the price may continue to decline, with targets possibly pointing to the critical points of $0.00002249 and $0.00002031. Bulls need to protect these support levels, or they might face a deeper correction.
Additionally, the trading volume has significantly decreased, indicating that both buyers' and sellers' interests are waning. Although SHIB is trying to stabilize its price, the drop in participation makes its situation more difficult.
If the buying volume does not rebound significantly, the chances of recovery in the short term are slim, which also makes SHIB more susceptible to downward pressure. If buyers become active again, and SHIB can maintain the support of 130 trillion SHIB, we might see a minor rebound, with a target of $0.00003000, where it could also face resistance.
If it breaks through this level, it could signify new upward momentum, and investor sentiment may improve. However, at present, SHIB's price trend remains unstable, so caution is advised.
Overall, Shiba Inu's performance will also be influenced by the overall market sentiment. If the sentiment in the crypto market improves, SHIB may experience some minor rebounds. Before that, it is crucial to pay special attention to the support level of 130 trillion SHIB, as this will be key in determining SHIB's future direction.