Shiba Inu (SHIB) Dips Toes in Bear Market

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Because Shiba Inu can no longer hold crucial support points, it seems poised to enter a period of decreasing prices, or a “bear market.” At present, SHIB is trading at $0.00002025, falling below its 200 Exponential Moving Average (EMA), which traditionally acts as a robust support level. This dip might suggest an impending downtrend. The fact that Shiba Inu has failed to keep its value above the 26 and 50 EMAs in recent price movements indicates a growing dominance of bearish sentiment.

In simpler terms, before a potential bear market begins, the 200 Exponential Moving Average (EMA) at $0.00002281 served as significant support. A key area to watch is $0.00001811; if this level isn’t reclaimed soon, there could be more downward movement. For the Shiba Inu asset (SHIB), potential resistance levels are at $0.00002275 and $0.00002500. To recover bullish momentum, SHIB needs to surpass these levels and consistently trade above the 50 EMA.

Despite the current trend suggesting potential growth, it seems significant challenges could hinder further progress. While the RSI sitting at 37.95 suggests an oversold market, the lack of buying interest suggests a reversal may not happen immediately. Moreover, decreasing volume hints that demand is dwindling, supporting the notion that a turnaround might not be imminent.

Given that a break of the 200 EMA (Exponential Moving Average) often indicates the start of a downward trend, this event is significant for SHIB. It’s advisable for investors to closely monitor the asset to determine if it can rebound from its current level or continue to fall towards the support at $0.00001811. At present, the outlook for SHIB remains negative, and unless a substantial catalyst arises to shift market conditions, there’s a strong possibility that the market will continue to drop.

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2025-01-13 17:41