Currently, Shiba Inu's price is at a critical point, testing support around $0.0000125. The future movement of the price depends on its ability to hold at this level.
Current Market Situation Analysis
The price of Shiba Inu is just above the $0.0000125 support level, tested several times over the past months. The charts show that the coin's price has been in a steady downtrend since early 2024.
Support and Resistance Levels
SHIB's price fluctuates within a wide range, bounded by support at $0.0000125 and resistance near $0.000021. Despite buyers' efforts, sellers maintain control at the resistance level.
Technical Indicators and Predictions
On the 4-hour chart, Shiba Inu's price is below its 50, 100, and 200 period moving averages, confirming a bearish trend. The Money Flow Index (MFI) at 23.21 indicates the coin is oversold, which might suggest a potential short-term bounce.
In summary, to reverse the current downtrend, Shiba Inu needs to break through resistance. However, if unsuccessful, the price is likely to continue falling to the next support levels.
