๐จ๐จ๐จ๐๐ก๐ข๐๐ ๐๐ง๐ฎ (๐๐๐๐) ๐ ๐๐๐๐ฌ ๐๐๐ฒ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐๐ฌ๐ญ ๐๐ฆ๐ข๐ ๐๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐๐% ๐๐ซ๐ข๐๐ ๐๐๐๐ฅ๐ข๐ง๐๐ฅ๐๐
The Shiba Inu ($SHIB ) market appears to be approaching a critical juncture as its price action shows signs of weakness. Currently trading at $0.00002232 with a modest 2.71% gain, SHIB is dangerously close to falling below the crucial 200-day Exponential Moving Average (#EMA )โa level that often dictates the long-term trend of an asset.
Rising Resistance and Weak Momentumโจ
Despite reaching $0.000033 in December 2024, $SHIB has since slipped to $0.000021, with strong resistance levels forming between $0.000021 and $0.000024. On-chain data points to weak market momentum and increasing selling pressure, suggesting that the recent price drop could extend further. If SHIBโs price breaches the 200-day EMA, a significant bearish trend may emerge, potentially triggering a double-digit percentage correction.
The Importance of the 200-Day EMA๐๐
Historically, the 200-day EMA has served as a critical benchmark for SHIB. When the price trades above this level, it often signals the potential for sustained growth. Conversely, slipping below it tends to confirm a bearish phase. For instance, after falling below the 200-day EMA in July 2024, SHIB dropped from $0.000019 to $0.000012 by early Septemberโa decline of over 35%. A similar scenario may now be unfolding, with analysts warning of further downside if this support fails to hold.
Investors should closely monitor SHIBโs price movement near the 200-day EMA. While some view this decline as an opportunity to accumulate at lower prices, current technical indicators and on-chain data suggest caution may be warranted.
#ShibaInu #SHIBAnalysis #CryptoTrends #PriceSupport #BearishOutlook #MemeCoins $SHIB
