SHIB, or Shiba Inu, is going through a tough period as its price has dropped sharply this summer. Below are some updates on the current situation of SHIB ¹ ²:
- Current price: SHIB is trading around $0.00001238, very close to a critical support area.
- Downward trend: The price of SHIB has dropped sharply after a strong surge in July, wiping out nearly all previous gains. This is not merely a technical correction, but an important crash below the 50-day moving average (50 EMA), a clear sign that the downward trend is dominant.
- Warning: Experts warn that if the current support level is broken, the price could plummet to $0.00001100 or lower. The RSI is approaching the oversold zone but shows no signs of divergence or clear recovery, further reinforcing the likelihood of a continuing weak market.
- Advice: Investors should be cautious and avoid rushing to buy the dip, especially when there are no clear reversal signals. A defensive and cautious strategy is prioritized in the context of negative market sentiment.
Some opinions suggest that SHIB has repeatedly fallen into prolonged downturns after technical breakouts like the current one. If it does not soon surpass the 50 EMA, the likelihood of returning to an upward trend is almost zero.
