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 imminent. The BBTrend indicator, which assesses trend strength using Bollinger Bands, remains in the red, indicating strong bearish momentum. Over the past 13 days, the BBTrend has shown increasing red histogram bars, reflecting heightened selling pressure. Additionally, the Elder-Ray Index, currently at -0.0000011, confirms that sellers are dominating the market. SHIB is trading just above a critical support level of $0.0000102, last tested in April. If this support fails, the price could drop to $0.00000939. However, if buying interest returns, SHIB may recover towards $0.0000122. This analysis is for informational purposes only and not financial advice. Read more AI-generated news on: https://app.chaingpt.org/news

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