Shiba Inu (SHIB) Support Shattered – Next Price Level Revealed

Shiba Inu (SHIB) Support Shattered – Next Price Level Revealed

Shiba Inu failed to hold the 100 EMA support level and opened below it during this trading session. The fact that the meme token price is moving below this moving average raises substantial concerns and may be a negative signal for investors. The next support level for the asset is not far away, but it lies below a crucial resistance level.

Shiba Inu failed to hold the 100 EMA support level and opened below it during this trading session. The fact that the meme token price is moving below this moving average raises substantial concerns and may be a negative signal for investors. The next support level for the asset is not far away, but it lies below a crucial resistance level.

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Shiba Inu chart is showing a bearish trend as it attempts to stabilize above the 100 EMA. If the selling pressure becomes more intense, the price may approach the next major support at $0.000019, as indicated by the break below of this level of support.

SHIBUSDT
SHIB/USDT chart by TradingView

For SHIB, this area will be crucial because it has the potential to provide a base for a rally or, if breached, trigger further declines. There are bearish signals shown by technical indicators such as the RSI. The fact that the RSI is currently very close to the oversold area suggests that the selling pressure could continue.

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Mon, 06/10/2024 – 11:04
Is Shiba Inu (SHIB) About to Lose 15% of Its Value?

However, if buyers step in to take advantage of lower prices, the oversold situation also creates the possibility of a brief rally. The volume profile indicates a decrease in trading activity compared to previous sessions. In a downtrend, lower volume generally indicates declining buying interest, which may make it difficult for SHIB to make a significant recovery in the short term.

A more pessimistic outlook for the meme token is further supported by declining volume, suggesting that investors are distancing themselves from the token. A rally may be imminent if SHIB is able to maintain this level and show signs of strength, suggesting that the worst of the selling may be over.

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