Shiba Inu (SHIB) Struggling to Reclaim Momentum

The difficulties experienced by Shiba Inu in maintaining its growth were evident, with its price dipping below crucial support levels recently. SHIB is currently priced at $0.00002015, and it was down by 2.64% within the past 24 hours, indicating the downtrend. The token continues to trade below the 50-EMA and 200-EMA, which indicates that the bearish pressure is still intact. Using technical aspects, the analysts have observed that SHIB formed a head and shoulder pattern which is a bearish signal. Also, there is a chance of a ‘death cross’ where the 50-day EMA penetrates the 200-day EMA. Such patterns suggest that there could be further fluctuations and decreases in the future. However, there seems to be some hope within the SHIB community with the introduction of the TREAT reward token which is meant to encourage transactions within the Shiba Inu network. However, the competition from new meme coins and the decreasing transaction volume suggest that SHIB has become less attractive as an opportunity for investors who seek hypothetically large returns.