Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
On the daily chart, the Shiba Inu pair is under great pressure and is currently witnessing a noticeable decline. The asset’s price fell 2.43% to $0.00002568, its lowest level yet. Despite this brief difficulty, there is still hope as SHIB approaches the crucial 50 EMA level, where a potential reversal could spark investor interest once again.
This decline comes after a volatile period that followed SHIB’s strong rise in November and early December. The price moved towards $0.000033 during this rally, but momentum has waned since then. SHIB approached the 50 EMA support level at around $0.00002512 after a breakdown below the 26 EMA indicated increasing bearish pressure. Because it often acts as an active support line for assets during corrections, the 50 EMA has historical significance.
The asset may recover and regain its higher price targets if SHIB finds stability at this level. However, failure to maintain this support could expose SHIB to additional declines and possibly test the $0.000023 area, which is consistent with previous price consolidation. Volume indicators show a decline in trading activity, which may indicate that both buyers and sellers are losing confidence in the market. This decrease in volume may be a sign that selling pressure is warning, which could lead to a period of stabilization and subsequent recovery.
Related to
The 26 EMA level, which may indicate a change in momentum, must be retaken by the Shiba Inu at around $0.00002730 for the bullish scenario to materialize. Furthermore, if market sentiment improves, it may be possible to push towards $0.00002850 and eventually $0.00003000.
Although SHIB is facing short-term difficulties, there is some hope at the 50 EMA level. If buyers step in and protect this support, the asset may recover and retest higher resistance levels. Investors should keep a close eye on this important level because a recovery from it may indicate that SHIB is ready to buck the current downtrend.
Source: https://u.today/shiba-inu-shib-23-plunge-in-10-days-whats-happening