Shiba Inu continues facing challenges in recovering its market positions, with a persistent downtrend and difficulty in surpassing key resistance levels indicating weak bullish momentum.
Downtrend in Shiba Inu Market
Shiba Inu is persistently moving downward, forming lower highs. This indicates ongoing selling pressure. Currently priced around $0.00001575, SHIB remains below all significant moving averages (200-day, 100-day, and 50-day EMA), confirming the bearish trend.
Key Support and Resistance Levels
Support levels for Shiba Inu are noted at $0.00001400 and $0.00001300 if broken. Conversely, to alter the trend, SHIB needs to break above and sustain higher than the moving averages. However, with weak volume and lack of buying activity, this remains unlikely.
Investor Strategy: Caution is Key
Investors should closely watch the $0.00001500 level as breaching it could escalate the decline. Current conditions call for significant caution, as there are no clear signals indicating a reversal in the ongoing selling pressure.
Shiba Inu continues to show market weakness, and current conditions do not favor a significant change in trajectory. Engaging an increased risk level requires careful assessment of support potential, as strong catalysts are absent, keeping sell pressure high.
