$SHIB Will decline further:
Based on the chart and technical indicators provided, the likelihood of SHIB declining further depends on whether it breaks key support levels or shows signs of weakening momentum. Here's an analysis:
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Bearish Signs (Decline Possible)
1. RSI:
RSI at 58.50 suggests neutral momentum. If it drops below 50, it could indicate a shift toward bearish sentiment.
2. Stochastic RSI:
The K line (72.38) is approaching the overbought zone, indicating a potential cooldown or pullback.
3. Price Action:
If SHIB fails to break above 0.00002594 (resistance) and rejects at this level, it could lead to a pullback toward the EMA(25) at 0.00002463 or lower.
4. Volume:
Declining volume near the current price suggests weak buying pressure, which may lead to a decline.
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Support Levels to Watch for Further Decline:
1. 0.00002463 (EMA 25):
First significant support. A drop below this indicates a bearish shift.
2. 0.00002259 (24h Low):
Breaking below this level would confirm further downside.
3. 0.00002191 (EMA 99):
If selling pressure intensifies, this level serves as a critical support zone.
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Scenarios for Decline:
Bearish Confirmation:
A break below 0.00002463 with high volume suggests a stronger bearish trend.
Bullish Reversal Fails:
Inability to sustain above 0.00002594 indicates a lack of momentum.
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Current Assessment:
SHIB has shown short-term bullish momentum, but there are risks of a pullback if resistance levels are not broken soon. It is crucial to monitor volume and the Stochastic RSI closely for confirmation.
