- ShibaInu (SHIB) is struggling in a downtrend, with weak rallies and continuous lower highs.
- Unless a strong reversal occurs, SHIB may soon add another zero to its price.
ShibaInu (SHIB) is struggling to gain traction in the market. The cryptocurrency, currently priced at $0.00001575, is firmly stuck in a downtrend. Each rally seems weaker than the last, signaling more challenges ahead. It’s a tough road for SHIB holders as the asset fails to show any significant upward momentum.
The situation is clear: SHIB has faced several unsuccessful attempts to break through key resistance levels. The price continues to form lower highs, which is a key indicator of a bearish trend. This persistent downward movement has led to a situation where SHIB’s price may drop even further.
ShibaInu: Key Indicators Point to a Bearish Future
One of the most telling signs of SHIB’s struggles lies in its relationship with major moving averages. The 200-day EMA (black), 100-day EMA (orange), and 50-day EMA (blue) are all positioned above the current price. These moving averages act as resistance, confirming the downward trend.
The lower high formation is a worrying pattern. It suggests that relief rallies are becoming increasingly weaker, indicating ongoing selling pressure. Each failed attempt to break resistance only adds fuel to the fire. Without a significant reversal, SHIB may soon break below the $0.00001500 mark, adding another zero to its price.
Critical Support Levels to Watch
Traders should keep an eye on two crucial support levels: $0.00001400 and $0.00001300. If ShibaInu fails to maintain the $0.00001500 level, the price could easily slip into these next zones. A break below $0.00001300 would mark a prolonged bearish phase, adding further strain on SHIB’s recovery prospects.
On the other hand, a bullish reversal would require SHIB to break above the descending EMAs and reclaim the $0.00001800-$0.00002000 range. However, this scenario appears unlikely in the short term, as weak volume and limited buying pressure continue to dominate.
The Road Ahead: Caution Is Key
Investors should approach SHIB with caution. While the $0.00001500 level remains critical, the lack of strong buying pressure makes any short-term reversal unlikely. Bears still control the market, and unless a significant catalyst arises, SHIB may continue its decline.
For now, the best advice is to stay alert. The risk of SHIB adding another zero to its price is real, and any break below key support levels could accelerate the decline. Until then, SHIB’s future looks uncertain, with bearish sentiment continuing to drive the market.
