Shiba Inu cryptocurrency is facing a downward trend, struggling to stabilize in the market. The price has been consistently dropping for the last five sessions, remaining below the 50-day EMA and indicating that bears are dominating the market.

Initially, the week began on a positive note with a price surge up to $0.000028. However, the latter half of the week saw a correction in the price that has continued into this week, leading to uncertainty regarding the future trend.

The recent drop in Shiba Inu's price corresponds with a broader market correction, including a decline in Bitcoin's price. Concerns have risen among traders about Shiba Inu's ability to hold crucial support levels and resume an upward trend.

The current price level is not sustainable due to significant selling pressure. Bulls were unable to maintain the gains from the previous week, resulting in a selloff that allowed sellers to regain control.

If the price continues to fall, potential support levels could range from $0.000019 to $0.000021. Conversely, if the price rebounds, it may face resistance around $0.000030 and $0.000027.

On the daily chart, a declining parallel channel pattern is evident, suggesting that the price might remain within a specific range until a breakout occurs. Breaking out of this pattern could indicate a more definitive trend in the cryptocurrency market.

Although Shiba Inu has dropped below the 50-day EMA, the 200-day EMA remains below the price, possibly providing dynamic support. The MACD indicator signals a bearish trend, hinting at a further potential price decline towards the recent support level of $0.0000211.

In conclusion, the daily charts suggest a looming bearish phase ahead, with Shiba Inu trading below key EMA levels. Traders are advised to consider these technical levels as potential support and resistance points.

Please note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies involves risks of financial loss.