All struggles aside, Shiba Inu failed to gather any worthwhile positions above the $0.000024 level and turned lower again, opening the doors for the bears. There is a possibility of a bearish crossover of the 50 and 100 day EMAs after this latest drop; Otherwise, a bitter picture will be painted.
All struggles aside, Shiba Inu failed to gather any worthwhile positions above the $0.000024 level and turned lower again, opening the doors for the bears. There is a possibility of a bearish crossover of the 50 and 100 day EMAs after this latest drop; Otherwise, a bitter picture will be painted.
This has left SHIB investors anxious after the token fell below the important support level, recently seen at $0.000024. This was a critical support level in light of starting the price uptrend, but the breakout now opens the token to greater risks. With the current price quoted at $0.00002391, the possibility of further declines seems imminent.
The other, more technical indicator to follow closely are the moving averages. The 50-day EMA is about to cross below the 100-day EMA, which is not such a bearish death cross, but is still a strong signal of an upcoming trend aggravation. This pattern is usually a very strong bearish indicator and signals that the downtrend may continue or worsen.
Trading volumes have decreased lately, suggesting that buyers are not interested in these levels. This lack of demand may find it difficult for SHIB to recover and break above the $0.000024 price level in the short term. Furthermore, the relative strength index has fallen below the 50 level.
Gamza KhanzadaevHowever, there is some hope. SHIB has been resilient before and cryptocurrencies are volatile assets, so market sentiment can change within minutes. If the price can hold in and around the next possible support area (around $0.000021), then there could still be hope for an upward move.
As always, be cautious and avoid FOMO and try to maintain composure as the market is currently behaving in a very unpredictable manner.
