Shiba Inu (SHIB) 23% Plunge in 10 Days: What's Happening?
2024-12-18
Category: None

On the daily chart, Shiba Inu is under a lot of pressure and is currently going through a noticeable decline. The asset's price has decreased by 2.43% to $0.00002568, its lowest level to date. Despite this brief difficulty, there is still hope as SHIB gets closer to the crucial 50 EMA level, where a possible reversal might pique investors' interest once more. 
The drop comes after a volatile period following SHIB's robust November and early December rally. The price moved toward $0.000033 during this rally, but the momentum has since waned. SHIB moved closer to its 50 EMA support level at roughly $0.00002512 after a breakdown below the 26 EMA indicated increasing bearish pressure. Because it frequently serves as an active support line for assets during corrections, the 50 EMA has historical significance. SHIBUSDT Chart by TradingView">
The asset may recover and regain its higher price targets if SHIB finds stability at this level. Failure to maintain this support, however, might expose SHIB to additional declines and possibly test the $0.000023 region, which is consistent with earlier price consolidations. Volume indicators show a decline in trading activity, which may indicate that both buyers and sellers are losing faith in the market. This volume decline may be a sign that selling pressure is warning, which could lead to a stabilization period and a subsequent rebound. 
The 26 EMA level, which would indicate a change in momentum, must be reclaimed by Shiba Inu at approximately $0.00002730 for a bullish scenario to materialize. Above that, if market sentiment improves, a push toward $0.00002850 and eventually $0.00003000 might be possible.
Though SHIB is facing short-term difficulties, there is some hope at the 50 EMA level. In the event that buyers intervene and protect this support, the asset might recover and retest higher resistance levels. Investors should keep a close eye on this crucial level because a recovery from it might indicate that SHIB is ready to buck the current downward trend.