Shiba Inu Price Drops Below $0.00002631 Amid Bearish Market Pressure
Shiba Inu (SHIB) is experiencing significant bearish pressure, with its price falling below the critical $0.00002631 level. This decline indicates increasing market challenges, as SHIB struggles to stay above the 100-day Simple Moving Average (SMA). The breach of this key threshold emphasizes seller dominance, raising concerns about the token's short-term recovery potential.
As negative momentum builds, SHIB's price action is at a crucial juncture. The coming days will be vital in determining whether bulls can regain lost ground or if the meme coin will face further declines.
Technical Indicators Signal Continued Bearish Pressure For Shiba Inu
Shiba Inu is currently trading below the 100-day SMA, a significant technical indicator that typically reflects broader market trends. Trading below this level suggests that bearish momentum is outweighing bullish efforts, creating a challenging environment for SHIB.
The 100-day SMA generally serves as dynamic support during uptrends. Its current position below $0.00002631 indicates that the token has struggled to recover upward momentum. Prolonged trading below this threshold may invite further selling pressure and worsen the pessimistic outlook. A decisive move above the 100-day SMA is necessary for SHIB to trigger renewed strength and recovery potential.
The Relative Strength Index (RSI) has dropped significantly to 35%, indicating a substantial loss of bullish strength and prevailing selling pressure. An RSI of 35% suggests Shiba Inu is nearing oversold territory, reflecting the intensity of recent declines.
This low RSI level could indicate heavy selling pressure, potentially leading to a short-term rebound if buyers re-enter the market. However, continued bearish momentum may drive SHIB's price downward without a shift in market sentiment or buying activity. Monitoring the RSI alongside other technical indicators will be essential for identifying potential reversal points or ongoing downside risks.
Key Support Levels Below $0.00002631: How Low Can SHIB Go?
With Shiba Inu trading below the $0.00002631 level, focus shifts to the next key support zone, which could influence its price trajectory. Immediate support is near $0.00002045, a level that has previously shown resilience during bearish phases. If this support fails, SHIB could see further declines toward $0.00001272 or lower, testing market sentiment strength.
If bulls can gather momentum at any of these support levels, it could prompt a recovery, pushing prices upward toward previous resistance zones. A rebound from these points would signal renewed buying interest and may help Shiba Inu regain lost ground, potentially reversing the bearish trend and reestablishing upward momentum.
