Shiba Inu, the popular meme-inspired cryptocurrency, faces challenges. The token's price decline concerns investors.
Shiba Inu and Price Decline
Following the widespread liquidation of long positions, SHIB cannot reclaim the support level of $0.0000283. The ongoing downward trend worries investors and the crypto community.
Bollinger Bands and Their Role in Token Analysis
Bollinger Bands, a popular financial indicator, helps identify overbought or oversold conditions. Currently, SHIB's price is below the moving average, suggesting a move toward the lower band, around $0.00002438.
Assessing the Likely Bottom for SHIB
The $0.00002438 level might serve as a short-term support for SHIB. However, a return to the moving average could indicate renewed bullish momentum.
The recent decline in Shiba Inu's price has left investors searching for recovery signs. Current analysis suggests potential stabilization around $0.00002438.
