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Recently, Shiba Inu price has been on a downward trail. Its price has been testing crucial support levels. Its future depends on its ability to hold support near $0.0000125.
Missing this level may set the course for further declines, with key support levels found right below $0.0000115 and $0.00000815. Yet, a reversal might occur if SHIB manages to smash through resistance near $0.000021.
Shiba Inu Price Struggles Near $0.0000125, Testing Crucial Support Levels
At press time, Shiba Inu price was just above the $0.0000125 support price level, which has been tested several times during the last months. SHIB’s current price action reveals that the coin is at a tipping point.
The chart data shows that SHIB’s price has been in a steady downtrend from its higher value, where it peaked earlier in 2024. The weekly chart indicates the downtrend.
We can see multiple rejection points with the resistance zone around $0.000021. The resistance has been big enough to limit SHIB’s upside potential to a downtrend. Currently, SHIB hangs above the pivotal support point of $0.0000125, with traders watching closely to see the limit of the zone.
However, if SHIB cannot push itself above $0.0000125, it will find support at $0.0000115. A drop below this level would put SHIB at risk of further downside, with the next major support level existing at around $0.00000815.
SHIB bears beneath have been working to invalidate the upside since the price action backtracked from the 50-moving average (MA) more than once.
The price retracement level of nearly $0.0000115 already provided some support in the previous run. If that happens again, it can be considered a reversal of the current downtrend. However, if SHIB fails to bounce from these levels, further depreciation, as far as the $0.00000815 area, could be expected.
Resistance Near $0.000021 Limits SHIB’s Recovery Potential
Both the daily and 4-hour charts indicate SHIB’s price has been characterized by a wide trading range, moving within the range of support held at $0.0000125 and resistance held at $0.000021. This consolidation has been reflected in price action in the past weeks.
Buyers are trying to push prices up near the support levels, and sellers are keeping prices in check at the resistance level.
The chart price action of SHIB indicates that the coin might have difficulty finding its feet and accumulating enough momentum to break these resistance levels in the short term. Technical indicators of SHIB point out some unflinching evidence of the present market sentiment.
On the 4-hour chart, Shiba Inu price is below its 50, 100, and 200 period Simple Moving Averages (SMAs), and the trend is bearish.
Recently, the 50-SMA (green line) has played the role of resistance. On the other hand, the 200-SMA (blue line) is miles away from the price, suggesting that the overall trend remains Bearish.
Along with the moving averages, the present reading of 23.21 from the Money Flow Index (MFI) indicates that SHIB is an oversold coin. This could suggest that the market is ready for a short-term bounce down but not out of an overall downward trend.
However, if the MFI increases further, the buying pressure may rise, and the pair may reverse in the short term.
