Shiba Inu (SHIB) Faces Continued Decline Amid Geopolitical Tensions and Weakening Momentum
Shiba Inu's price is extending its decline on Friday, having fallen nearly 5% so far this week. The meme token's value has been bleeding out since peaking around $0.069, currently sitting at $0.0461, dangerously close to its 24-hour low of $0.045425.
On-chain data indicates that $SHIB holders are actively offloading their tokens. This activity appears to be influenced by escalating geopolitical tensions, contributing to a broader decline in investor confidence.
From a technical perspective, the outlook suggests a further price correction. While selling volume on the way down has not been massive, it indicates a steady downtrend. Given that SHIB is a relatively new asset, strong support levels are not yet clearly established on its charts. The token needs to find a definitive floor soon, as continued weakness could see its price revert towards initial low trading ranges. Momentum indicators continue to weaken, further supporting the potential for continued downward pressure.
