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Saturday, June 22, 2024

Shiba Inu (SHIB) Price Prediction: Support Shattered, New Support Revealed

Shiba Inu (SHIB) Support Shattered: Next Price Level Revealed

Shiba Inu (SHIB) has encountered a significant setback as it failed to maintain support at the 100 Exponential Moving Average (EMA) during the current trading session. This breach below the moving average is raising concerns among investors, potentially signaling further downside for the meme token.

The next critical support level for SHIB is now in focus, albeit situated beneath a crucial resistance level. The chart for Shiba Inu indicates a bearish trend as it struggles to stabilize above the 100 EMA. With intensified selling pressure, the price may gravitate towards the next significant support level at $0.000019, following the breach below the previous support.

For SHIB, this upcoming area holds immense importance, as it could either act as a springboard for a potential rebound or, if breached, trigger further declines. Notably, technical indicators such as the Relative Strength Index (RSI) are signaling bearish momentum. The proximity of the RSI to the oversold region suggests that selling pressure might persist in the near term.

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However, amidst the bearish sentiment, there remains a possibility of a brief recovery if buyers step in to capitalize on the discounted prices. Yet, the volume profile indicates a decline in trading activity compared to previous sessions. Lower volume in a downtrend typically indicates a diminishing interest from buyers, potentially hindering SHIB’s ability to stage a significant comeback in the near future.

Moreover, the declining volume further reinforces a pessimistic outlook for the meme token, hinting at investors distancing themselves from SHIB. Nonetheless, a potential rebound may be on the horizon if SHIB manages to hold the current level and demonstrate signs of strength, suggesting a potential end to the current selling pressure.

Stay tuned for further updates as Shiba Inu navigates through this challenging phase in the market.


Disclaimer: The above analysis is based on market trends and technical indicators, and does not constitute financial advice. Investors should conduct thorough research and consult with financial experts before making investment decisions.

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