Shiba Inu (SHIB), a prominent meme coin, has dropped nearly 15% over the past week, reaching a seven-day low of $0.0000116. This decline is attributed to rising tensions in the Middle East, which have negatively impacted overall crypto market sentiment and led to risk-averse behavior among SHIB investors. Technical indicators suggest that further losses may be on the horizon. The BBTrend indicator remains in the red, indicating strong bearish control, while its increasing red histogram bars over the past 13 days reflect growing sell-side pressure. Additionally, the Elder-Ray Index, currently at -0.0000011, shows that sellers are dominating the market. SHIB is trading just above a crucial support level of $0.0000102, last tested in April. If bearish momentum continues, it may retest this level, with a potential drop to $0.00000939. However, if buying interest returns, SHIB could recover, targeting around $0.0000122. This analysis is for informational purposes and not financial advice. Read more AI-generated news on: https://app.chaingpt.org/news

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