Shiba Inu’s Market Struggles

Extreme downward pressure is being applied to Shiba Inu (SHIB) as the asset struggles to maintain market stability. A substantial rejection at a critical level indicates that bearish sentiment remains in control, with SHIB unable to overcome significant resistance points despite fleeting recovery attempts. This leaves it vulnerable to further declines.

Influence of Moving Averages

The overwhelming influence of moving averages is a primary factor in SHIB’s weakness. Significant upward momentum has been thwarted by enduring barriers from short-term moving averages, such as the 50-day and 100-day. The longer the asset remains below these resistance levels, the higher the likelihood of an accelerated decline toward lower support zones.

Price Action and Resistance Levels

The rejection observed at $0.000013 shows that SHIB’s recovery efforts are ongoing. The likelihood of returning to the $0.00001 range increases as the price continues to drop. A severe downtrend could result from a quick deterioration in market sentiment once this psychological level is tested. Falling below this critical level would impede recovery efforts even further.

Market Demand Challenges

In addition to technical resistance, SHIB faces challenges due to dwindling market demand. Speculative assets like SHIB struggle to attract consistent buying pressure as the meme coin market slows down. If investors do not show new interest, the asset may continue to decline for an extended period.

Focus on Support Levels

Currently, the $0.00001 support level is in focus for SHIB, potentially acting as a temporary floor. However, breaking below this level could lead to further losses, pushing SHIB into uncharted bearish territory.