While Shiba Inu started to attract attention in the market and seemed to be on the rise, it experienced a sudden decline. The price broke below the 50 EMA and failed to breach this important level again. This has created uncertainty about the future of SHIB.
A break below the 50 EMA indicates that sellers are taking control of the market. Currently, SHIB is held by the 200 EMA, which is a critical support level. This level is seen as the next important support point.
SHIB is likely to test the 200 EMA. If the pressure from the bears continues, further declines may occur. Once below the 50 EMA, sales volume increased. This shows that investors are trying to reduce their losses due to lack of confidence and the decline may continue.
In a downtrend, the RSI is just above the oversold zone. While this indicates that SHIB is in oversold territory, a recovery is not guaranteed. Technical analysis is based on moving averages and these averages are not positive for SHIB at the moment. If the 20 EMA falls below the 50 EMA, it indicates that the downtrend is continuing.
This formation should be watched carefully as it frequently indicates declines. Additionally, all major moving averages are trading below the price, which is generally considered a strong indicator of a bearish trend.
Looking at the current situation, SHIB needs a serious rise to prevent further decline. Ideally, it needs to regain the 50 EMA quickly to regain market confidence. The 200 EMA is a potential support level that investors should watch. However, if this level is also broken, they should be prepared for further declines.
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