With declining prices and worsening market conditions, Shiba Inu is facing a number of challenges. Let's take a look at the current situation and key support levels.
Current Market Situation of Shiba Inu
Recently, Shiba Inu showed a price drop of nearly 3%. This meme asset struggles to maintain momentum following a successful increase above the $0.000015 mark, raising concerns among investors.
Support Levels and Possible Scenarios
The key support levels that will determine the future of Shiba Inu include three critical points. The first is the 200 EMA, which currently provides the nearest support. If this line does not withstand selling pressure, the second support level will be around $0.0000136, which is also historically significant. The last hope is at the $0.0000125 region.
Current Indicators and Their Significance
Trade volume has already begun to taper off, indicating a decrease in buying interest. Meanwhile, the relative strength index (RSI) is close to 70, indicating that Shiba Inu is approaching overbought territory. If fresh volume inflows do not occur, this may signify further price declines.
Given the current state and rising signs of potential downturn, investors should closely monitor key support levels. Effective defense of the $0.000015 mark is crucial to maintaining current positions.
