Shiba Inu The price situation has reached a turning point. SHIB faced a sudden pullback after experiencing a rally towards the 50-day EMA. This indicates that SHIB’s momentum is weakening and follows a trend of decreasing strength in the overall cryptocurrency market.
The reversal is occurring amid moderately neutral trading volume, indicating traders’ reluctance to push the SHIB price in either direction. The uncertainty of the market is also reflected in the RSI, which usually sits at a midpoint of 50, which indicates neither overbought nor oversold. The RSI is in a state that reflects current market uncertainty.
The failure of the Shiba Inu price to rise above the 50 EMA shows the current state of the market, which lacks purchasing power. The $0.000021 support level forms an immediate base. A close below this level could signal further declines, with potential support at the lower end of the $0.000012 trading range.
If SHIB manages to bounce back and surpass the 50 EMA, it increases the possibility of targeting higher resistance levels. The first resistance area will be in the $0.00003 range, which is the recent high. However, Shiba Inu’s upward move may not be smooth as it would require significant market participation and sentiment change to support such an uptrend.
SHIB’s next moves depend on whether it can find the strength to bounce back from current levels or whether the market pause is the beginning of a deeper pullback. It is important to continue monitoring the $0.000021 support and the retracement from this level.
The chances of a strong and rapid bullish pullback are high, and closing SHIB proved to be an imprudent decision.
