Analyzing the current status of Shiba Inu cryptocurrency reveals the need for careful monitoring of key support levels and trading volume trends.
Technical Analysis and Current Price
As of now, Shiba Inu is trading at $0.00001079. This level is critical both psychologically and technically. After breaking through several key support levels, the token risks falling below $0.00001000, which could lead to another zero being added to its price.
Declining Trading Volume
The trading volume of Shiba Inu has been consistently decreasing, indicating a decline in investor interest. The Relative Strength Index (RSI) below 40 suggests a sustained bearish trend, confirming that strong selling pressure remains on the market.
Short-Term Prospects and Investor Sentiment
Shiba has lost a previously important support level at $0.00001234, threatening further losses. If market conditions do not change, forecasts remain bleak. Investor sentiment is weak, and unless there are changes, the token may face more significant losses.
The analysis of Shiba Inu's current state indicates the need for careful observation of its dynamics and support levels, which will dictate future movements in the market.
