In recent weeks, Shiba Inu (SHIB) has faced a sharp price decline, and the downward trend continues. Heavy selling pressure has caused the price of this meme coin to plummet, raising concerns about further declines. Currently, there are no signs of a trend reversal in the market conditions. SHIB has lost several key supports, indicating that sellers control the market. The digital currency is now trading around $0.0000175, and after breaking the psychological support of $0.0000190, downward pressure has increased. If there are no signs of price recovery in the coming days, the possibility of further declines exists. One of the main concerns is that SHIB has failed to regain the 200-day moving average. Losing this level, known as a trend indicator, signals a continuation of the downward trend. Additionally, the 100-day moving average being in the range of $0.00002160 has limited any recovery attempts. In these conditions, the possibility of price reduction to the support level of $0.0000150 exists. If this support is also broken, the likelihood of further decline to the historical accumulation zone of $0.0000120 will increase. Even with the Relative Strength Index (RSI) entering the overbought zone at 33.5, high selling pressure may prevent price recovery. To change the trend and enter an upward phase, SHIB must cross the 200-day moving average and stabilize at $0.0000210 as support. Currently, the daily chart still shows lower highs, indicating a continuation of the downward trend. SHIB is experiencing one of its most severe recent price drops, and without the formation of a reversal pattern, the possibility of further decline exists. As long as this digital currency remains below key moving averages, its outlook will be bearish. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live.
