Shiba Inu Faces Crucial Test as Bears Push Below Key Support
Key Summary
Shiba Inu (SHIB) has lost its primary support level, falling below $0.00000528 after a daily candle that opened at $0.00000509 and closed at $0.00000496. This move puts the price decisively below the 100 EMA and reinforces sellers' control over the trend.
Current Market State
Shiba Inu has lost the level that held it up through most of the recovery. SHIB now trades near $0.00000496 after a daily candle that opened at $0.00000509 and fell as low as $0.00000483.
Key Support Breakdown
The move pushed the price decisively below the 100 EMA, the orange line near $0.00000528, which had acted as the primary floor since August. This matters because buyers defended that line repeatedly.
Reversal Signals
Each rebound stopped beneath the line, which turned old support into new resistance. The current red candles confirm that sellers now control the trend. Other averages offer no support from above.
Technical Analysis
The blue and cyan lines sit near $0.00000540 and $0.00000545, and the long 200 EMA near $0.00000562 is even farther away. Price would need a large rally just to test them. The RSI is near 36, close to oversold, which suggests strong selling but not yet a reversal signal.
Potential Bounce Points
A bounce from $0.00000483 or $0.00000474 remains possible, since the RSI is low. But a bounce alone would not change the trend. It would only show whether buyers can build a base.
Conclusion
Without rising volume, any upward move is more likely a relief rally inside a larger downtrend. For buyers, the job is to reclaim $0.00000500 first, then the 100 EMA near $0.00000528. A daily close above that line would cancel the breakdown.