BEARISH 📉 : Shiba Inu struggles as price nears critical support level

Shiba Inu Market Update

SHIB is currently trading at approximately $0.0000053, following a significant decline of 21.5% in February.
The market sentiment remains bearish, with the Fear & Greed Index at 10, indicating extreme fear.
A majority of SHIB's trading days last month closed negatively.
Resistance levels are observed at $0.0000058, $0.0000060, and $0.0000066.
If the price falls below $0.0000053, it may slide further towards $0.0000050.

Fear & Greed Index Chart

Technical Indicators

RSI is around 38, showing weakness but not yet at capitulation.
On-chain data indicates ongoing net selling rather than accumulation.
Exchange inflows suggest preparations for selling, not buying.

Exchange Inflow Data

Overall, SHIB faces challenges with limited demand support and persistent selling pressures. Investors should monitor key levels and on-chain indicators for potential shifts in market dynamics.