Shiba Inu has touched the 200 EMA, which is regarded as a significant support threshold, marking a turning point in its market performance. Although support levels are usually seen as chances for a rebound, it is alarming when the 200 EMA is reached in this situation. Assets falling to this level in the past have frequently indicated a change in momentum and the possibility of a more severe correction. $SHIB
has performed poorly at the end of 2024, and bulls are having trouble regaining control. The move to the 200 EMA suggests that SHIB is vulnerable due to a protracted period of weak demand and selling pressure. A recovery from this level is feasible, but it will take significant buying pressure and fresh market interest to offset the pessimistic outlook.
Declining activity in volume profiles emphasizes traders' lack of confidence even more. It is possible that the asset is nearing exhaustion because the Relative Strength Index (RSI) has also fallen into oversold territory. However, a reversal is not always assured by oversold conditions, particularly when the overall market environment is still unclear. Psychological zones around $0.000020 and $0.000018 will be the next levels to keep an eye on if #SHIB is unable to maintain the 200 EMA as support. A collapse beneath these levels might hasten losses and send SHIB into a bearish trend that might take over in early 2025. Right now, the 200 EMA is the center of attention. Although there is some hope for stabilization, the overall technical picture indicates that SHIB is treading carefully. Although the road ahead is still difficult, bulls must swiftly regain higher levels to stop further deterioration.
