menuIcon
$ 104,844.1
BTC
$ 104,844.1
-1.95 %
$ 2,532.34
ETH
$ 2,532.34
-7.25 %
$ 0.6375
ADA
$ 0.6375
-5.89 %
$ 653.39
BNB
$ 653.39
-1.52 %
$ 144.99
SOL
$ 144.99
-8.10 %
Sujit Kumar
May 24, 2024
by Sujit Kumar

Shiba Inu Faces Bearish Trend After Losing Critical Support Level

Shiba Inu Faces Bearish Trend

Table of contents

  1. Potential Bearish Crossover Looms
  2. Declining Trading Volumes and RSI
  3. Hope Amidst Volatility
Shiba Inu (SHIB) has failed to maintain its position above the crucial $0.000024 level, leading to renewed bearish sentiments. The token's recent dip has triggered concerns among investors, as it now trades at $0.00002391. This break below the critical support level has increased the risk of further price declines.

Potential Bearish Crossover Looms

Technical indicators suggest that SHIB might face more downward pressure. The 50-day Exponential Moving Average (EMA) is on the verge of crossing below the 100-day EMA. While not as severe as a death cross, this pattern still indicates a potential worsening of the bearish trend. Investors are closely watching this indicator for signs of further declines.

Declining Trading Volumes and RSI

The decline in trading volumes indicates a lack of buyer interest at current levels, complicating SHIB's chances of recovery. The Relative Strength Index (RSI) has also fallen below the 50 mark, reinforcing the bearish outlook. This combination of factors suggests that SHIB may struggle to regain its footing above the $0.000024 level in the near term.

Hope Amidst Volatility

Despite the negative trends, there is still a glimmer of hope for SHIB. Cryptocurrencies are known for their volatility, and market sentiment can shift rapidly. If SHIB can find support around the $0.000021 level, there might be a chance for a reversal. Investors are advised to stay cautious, avoid falling into the fear of missing out (FOMO), and remain composed during these unpredictable market conditions.

The recent price movements of Shiba Inu highlight the volatile nature of cryptocurrencies and the importance of staying informed and vigilant in the market.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Follow us on: News
Shiba Inu Faces Bearish Trend Critical Support Level
Shiba Inu Faces Bearish Trend After Losing Critical Support Level
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Top Picks