Shiba Inu (SHIB) Lost 15% Value: Critical Support Level Being Tested

The leading meme coin Shiba Inu (SHIB) has experienced a loss of about 15% in value over the past seven days, falling to a weekly low of around $0.00001167. This decline is attributed to a weakening risk appetite among crypto investors, especially with the increasing global geopolitical tensions.

At the time of writing, SHIB continues to trade at around $0.0000116.

Technical Indicators Indicate Downward Trend

The current price movements of Shiba Inu present a weak picture in terms of technical analysis. Indicators such as BBTrend (Bollinger Band Trend) and Elder-Ray Index indicate that selling pressure is increasing and there is potential for further decline in the short term.

The BBTrend indicator has continued to produce red histogram bars for the last 13 days. This indicates that bears are gaining strength and establishing dominance in the market, in parallel with the widening of the Bollinger Bands. Negative BBTrend values confirm that the current trend is strongly bearish.

On the other hand, the Elder-Ray Index is hovering in the negative region for SHIB, at -0.0000011. This indicator indicates that the selling pressure in the market has surpassed the buying pressure and gives an advantage to the bears.

SHIB at Critical Support Threshold

The price is currently trading near the important support zone at $0.0000102. This level was tested in April and became a strong reversal point. However, current technical weaknesses and weakening market sentiment increase the risk of breaking this support.

If the support level breaks downward, the next possible stop for SHIB emerges at $0.00000939.

Conversely, if a positive price momentum develops and buyers return to the market, the first resistance area could be the $0.0000122 level.

Conclusion and Levels to Watch

The most critical levels for Shiba Inu investors right now:

Support: $0.0000102 (if broken, $0.00000939 may come into play)

Resistance: $0.0000122 (must be surpassed for recovery signal)

Global market conditions and technical indicators suggest that SHIB is uncertain in the short term but under pressure. Investors are advised to closely monitor changes in volume and buyer interest.

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