Shiba Inu (SHIB) just lost a key price level 🔥🔥🔥

Against all odds, Shiba Inu failed to gain any valuable space above $0.000024 and fell again, opening the door for bears.

After the recent drop, there is a possibility of a bearish crossover of the 50-day and 100-day EMAs; otherwise, things are not looking good.

Investors are anxious after the SHIB token broke below a significant support level, most recently at $0.000024.

This was a key support level that ignited the upward price trend, but a break below it now puts the token at greater risk. With the current price at $0.00002391, the possibility of a further breakdown seems imminent.

Another more technical indicator to keep a close eye on is the moving averages. The 50-day EMA is about to fall below the 100-day EMA, which is not a death cross, but is still a strong sign that the trend is about to deteriorate.

This pattern is usually a very strong bearish indicator, suggesting that the downtrend may continue or worsen.

Volume has declined recently, indicating that buyers are not interested in these levels. This lack of demand may make it difficult for SHIB to recover and break through the $0.000024 price level in the short term.

In addition, the relative strength index has fallen below the 50 level.

However, there is hope. SHIB has been resilient before, and cryptocurrencies are volatile assets, so market sentiment can turn in a matter of minutes.

If the price can hold around the next possible support area (around $0.000021), then there is still a chance of an increase.

As always, be cautious, avoid FOMO, and try to stay calm.

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