SHIBA INU IN FREEFALL: Is Your Wallet Next?

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🚨 SHIBA INU IN FREEFALL: Is Your Wallet Next? 🚨

SHIBA INU IN FREEFALL: Is Your Wallet Next?

Oh dear, oh dear, oh dear! The Shiba Inu (SHIB) has taken a tumble, and it’s not just a little wobble, no, no, no! It’s a full-blown freefall! 😱 The asset’s value has plummeted over the last few weeks, and it’s like a runaway train, hurtling towards the depths of despair. Concerns about additional declines have been raised, and the bearish momentum has accelerated, pushing SHIB further into negative territory. The market may still be in the midst of its downward trend, based on the current price action.

It’s a bit like a bad joke, really. Sellers are clearly in charge, and SHIB is currently trading around $0.00001740. The price drop may quicken if there are no indications of a recovery right away. It’s a bit of a pickle, isn’t it? 🤣

One significant issue is that SHIB, which is currently trading at about $0.00002075, has not been able to recover its 200 EMA. It’s like a big, red, blinking warning sign that says “Beware, bearish trend ahead!” A larger downward trend is indicated by the moving average’s loss, which has historically served as a trend indicator. Furthermore, the bearish structure is being reinforced by the 100 EMA at roughly $0.00002160, which limits any possible recovery attempts. SHIB may continue to decline according to the current structure with $0.00001500 serving as the next critical support.

The market may experience a more severe decline toward $0.00001200, an area of historical accumulation, if this level is broken. It’s like a big, scary, abyss, waiting to swallow SHIB whole! If selling pressure is still high, the RSI indicator’s oversold conditions at about 33.5 won’t be enough to cause a reversal. SHIB needs to move above the 200 EMA in order to regain its bullish momentum, ideally regaining $0.00002100 as support.

In the meantime, rallies might not last long because the daily chart is still showing lower highs. With the bearish momentum picking up speed, Shiba Inu is currently seeing one of its steepest drops in recent months. In the near future, SHIB might experience even greater losses in the absence of a discernible reversal pattern. Although traders should keep an eye out for possible support levels, the outlook is still bleak as long as the asset stays below important moving averages.

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2025-02-02 12:51