Shiba Inu Falls Below $0.00002631 As Bears Dominate The Market, Time To Buy?
2024-12-19
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Shiba Inu (SHIB) has seen intense bearish pressure as its price slips below the critical $0.00002631 level. This downward move reflects growing market challenges, with SHIB struggling to maintain its position above the 100-day Simple Moving Average (SMA). The break below this key threshold highlights the dominance of sellers, raising questions about the token’s ability to recover in the short term.
As negative momentum builds, SHIB’s price action is at a pivotal point. Will bulls muster the strength to reclaim lost ground, or is the meme coin headed for deeper declines? The coming days will be crucial in determining the next phase of Shiba Inu’s journey.
Technical Indicators Signal Continued Bearish Pressure For Shiba Inu
Currently, the price of Shiba Inu is trading below the 100-day SMA, a key technical indicator that often signals the broader trend in the market. Trading below this crucial level suggests that bearish momentum is outweighing bullish efforts, creating a challenging environment for SHIB.
The 100-day SMA typically acts as a dynamic support level in uptrends, helping to sustain upside strength. However, its current position below $0.00002631 indicates that the token has struggled to regain its upward trajectory. 
Furthermore, this development raises concerns about SHIB’s ability to mount a recovery, as prolonged trading below this threshold could invite further selling pressure and deepen the pessimistic outlook. For SHIB to reclaim positive momentum, a decisive move back above the 100-day SMA is essential, triggering renewed strength and potential for recovery.
Additionally, the Relative Strength Index (RSI) indicator has experienced a significant drop, currently sitting at 35%. This sharp decline reflects a substantial loss of bullish strength, with selling pressure dominating the market. At 35%, the indicator suggests that Shiba Inu is approaching oversold territory, highlighting the intensity of the recent downward move.
Such a low RSI level could signal that the token is under heavy selling pressure and might be due for a short-term rebound if buyers begin to step in. However, the persistent bearish momentum could drive SHIB’s price downward without a clear shift in market sentiment or buying activity. Monitoring the RSI in conjunction with other technical indicators will be crucial for identifying potential reversal points or continued downside risks.
Key Support Levels Below $0.00002631: How Low Can SHIB Go?
As Shiba Inu slips below the critical $0.00002631 level, attention shifts to the next key support zone that could determine its price trajectory. The immediate support lies near $0.00002045, a level previously shown resilience during bearish phases. If this fails to hold, SHIB could face more declines toward $0.00001272 or even lower, testing the strength of market sentiment.
However, if the bulls can gather enough strength at any of these support levels, it could trigger a recovery, pushing the price upward toward previous resistance zones. A rebound from these points would signal renewed buying interest and pave the way for Shiba Inu to regain lost ground, potentially reversing the bearish trend and reestablishing upward momentum.