Shiba Inu (SHIB) cryptocurrency is facing challenges as current market pressures raise concerns about the sustainability of its recent gains.
Signs of Weakness in Shiba Inu Market
Shiba Inu is showing signs of weakness as its recent upward momentum begins to fade. The token dropped nearly 3% today, raising concerns about the sustainability of its latest breakout attempt.
Key Support Levels Under Pressure
Following a push above the $0.000015 mark, the rally has now stalled at a critical barrier near the 200-day Exponential Moving Average (EMA). This fundamental technical level is now showing resistance after previously acting as support, with rising selling pressure indicating challenges ahead for SHIB.
Prospects for SHIB and Potential Scenarios
If the 200 EMA breaks, critical support will be at $0.0000136, a level that previously provided support and is essential for a short-term bullish outlook. Below this, the $0.0000125 level stands as a final defensive line before a full retracement.
Shiba Inu faces challenges in holding its recent price gains, and further declines below critical support levels could lead to a significant correction.
