Shiba Inu Faces Potential Further Decline After Breaking Below 50-Day EMA Amid Bearish Momentum
Main Idea
Shiba Inu (SHIB) has broken below its 50-day EMA, signaling bearish momentum and potential further price declines, with key technical indicators supporting this downtrend.
Key Points
1. Shiba Inu broke below the 50-day EMA at ~$0.00001223, indicating bearish momentum and potential continuation of the downtrend.
2. The Relative Strength Index (RSI) is below 50 and approaching oversold levels, confirming bearish momentum and lack of buying support.
3. If SHIB falls below the next support level near $0.00001100, it could lead to further declines, as historical breakdowns below key moving averages have resulted in prolonged downward pressure.
4. Investors are advised to exercise caution, monitor key support levels, and wait for a confirmed reversal above the 50-day EMA before increasing exposure.
5. Selling pressure is increasing, with volume confirming the decline, highlighting heightened bearish sentiment in the near term.
Description
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