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Shiba Inu could not maintain this important price level. With these changes, Shiba Inu lost a critical level. Now we have to see how SHIB’s next moves will go.
Despite all the struggles, Shiba Inu failed to accumulate a valuable position above the $0.000024 level, according to Cryptocurrency. So he came down again and opened the doors to the bears. There is potential for a bearish crossover of the 50- and 100-day EMAs after this recent drop. Otherwise, a bad crash will happen.
This has worried SHIB investors after the token fell below a key support level. A level recently seen at $0.000024. This was a critical support level given the flare-up in price, but a break now opens the token to bigger risks. At the current price of $0.00002391, the possibility of more crashes seems imminent.
Another, more technical, indicator to watch closely is moving averages. The 50-day EMA is about to cross below the 100-day EMA, which isn’t quite a bearish death cross, but still a strong signal of upcoming trend intensification. Such a pattern is usually a very strong bearish indicator and indicates that the downtrend may continue or worsen.
Trading volume has decreased recently, indicating that buyers are not interested in these levels. This lack of demand may make it difficult for SHIB to recover in the short term and make its way above the $0.000024 price level. In addition, the relative strength index has fallen below the 50 level.
However, there is hope. SHIB has already been flexible. On the other hand, cryptocurrencies are volatile assets, so market sentiment can change in minutes. If the price can hold in and around the next potential support area – around $0.000021 – there may still be hope for an upside move.
As always, be cautious and avoid FOMO and try to keep your cool because the market is acting in a very unpredictable way right now.
