- SHIB is trading at $0.00001470 after a 1.30% drop, struggling to hold above key moving averages
- The price failed to maintain momentum at $0.00001577 and is now nearing support at $0.00001408
- RSI has dipped to 45.54, showing weakening buying pressure and a possible move toward oversold territory
- MACD is close to a bearish crossover, signaling fading bullish momentum and potential further downside
Shiba Inu (SHIB) has entered a short-term bearish phase as it slips below crucial moving averages, raising concerns of further downside pressure. SHIB is trading at $0.00001470, reflecting a 1.30% decline in the past 24 hours. The meme-inspired token is currently struggling to maintain its footing after failing to break past key resistance levels.
SHIB Faces Downside Risk if $0.00001408 Support Breaks
The Bollinger Bands (20, 2) highlight increasing volatility. SHIB recently tested the upper band at $0.00001577 but failed to sustain momentum and is now hovering near the middle band at $0.00001492, with potential to revisit the lower band support at $0.00001408. This downward movement suggests a weakening bullish trend and a possible continuation to the downside if key support fails to hold.
Both the Exponential Moving Average (EMA 9) and the Triple Exponential Moving Average (TEMA 9), currently positioned at $0.00001513 and $0.00001502 respectively, have been breached, signaling a shift in short-term market sentiment. This cross below the moving averages indicates that sellers are gaining control, further confirming a bearish outlook.
Momentum indicators paint a similar picture. The Relative Strength Index (RSI 14) has dropped to 45.54, retreating from a recent peak of 57.56. A reading below the 50 neutral level indicates waning buying pressure, and continued weakness could push RSI into oversold territory, potentially inviting more sellers.
Meanwhile, the MACD (12, 26) is showing early signs of a bearish crossover. The MACD line currently sits slightly above the signal line, but the histogram is flattening out, suggesting that bullish momentum is fading. A confirmed crossover below the signal line would reinforce the bearish trend.
Looking ahead, SHIB faces immediate support at $0.00001408. A decisive breakdown below this level could trigger a deeper correction toward the $0.00001300 zone. On the upside, the token must reclaim and hold above the $0.00001510 level (EMA and TEMA) to revive bullish momentum and attract renewed buying interest.
Shiba Inu’s price action suggests increasing bearish sentiment as technical indicators turn negative. Traders should watch closely for a potential MACD crossover and price movement near the lower Bollinger Band to gauge SHIB’s next move.
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