- SHIB nears key support at $0.00001300, a breakdown may extend the bearish trend.
- RSI at 31.45 signals oversold conditions, hinting at a possible short-term rebound.
- Trading volume surges 160.09%, indicating heightened market participation and sell-offs.
Shiba Inu (SHIB) has experienced a sharp price decline, currently trading at $0.00001351, down 9.12% in the past 24 hours. The downward momentum has dominated the market, with SHIB falling consistently after reaching a high of $0.00001484.
Increased trading activity has accompanied the price drop, signaling strong market reactions. The upcoming sessions will determine whether SHIB finds support or continues declining further.
Resistance and Support Levels Indicate Key Market Zones
SHIB faced resistance at $0.00001484, where buying pressure weakened, leading to a price reversal. This resistance level remains crucial, as a breakout above it could shift momentum. On the downside, SHIB has approached a key support level around $0.00001300, where a temporary price bounce was observed.
If this support holds, a consolidation phase or recovery attempt may occur. However, a failure to sustain this level could push the price towards the next support near $0.00001250, extending the bearish outlook.
Market Activity and Bearish Momentum
The 24-hour trading volume has surged by 160.09%, reflecting increased market participation. This surge suggests that traders are actively reacting to price movements, possibly engaging in sell-offs or speculative trades.
The price decline, combined with high volume, indicates strong selling pressure dominating the market. If buying interest increases at lower levels, SHIB might stabilize before attempting a rebound.
Technical Indicators Suggest Possible Reversal
The Relative Strength Index (RSI) currently stands at 31.45, approaching oversold conditions. If buyers re-enter the market, SHIB could experience a short-term recovery.
Additionally, the Moving Average Convergence Divergence (MACD) remains bearish, with the MACD line below the signal line. However, any potential crossover could signal a trend shift.
