Shiba Inu, a popular cryptocurrency, is experiencing significant pressure on the daily chart. The asset's price has dropped by 2.43% to $0.00002568. However, SHIB is approaching the crucial 50 EMA level, which might pique investor interest.
Reasons for Current Decline
The decline follows a volatile period after a robust rally in November and early December. The price previously reached $0.000033, but momentum has since waned. A breakdown below the 26 EMA indicated increasing bearish pressure.
Technical Support and Resistance Levels
The 50 EMA holds historical significance, often acting as an active support line. If SHIB stabilizes at this level, it may recover higher price targets. Failure to maintain this support could lead to further decline to the $0.000023 area.
Possible Development Scenarios
For a bullish scenario, Shiba Inu must reclaim the 26 EMA level around $0.00002730. If this occurs and market sentiment improves, a push toward $0.00002850 and even $0.00003000 may be possible. Buyer intervention at the 50 EMA level could indicate potential for recovery.
SHIB faces short-term challenges, but potential recovery at the 50 EMA level remains a prospect. Investors should closely watch this level as recovery potential could change the current downward trend.
