Shiba Inu (SHIB) has established crucial support above the $0.0000120 price level recently, halting further declines and laying a potential foundation for price recovery.
Technical indicators suggest room for upward momentum, with the Relative Strength Index (RSI) currently reported between 44 and 45. This positioning indicates the asset is not yet overbought, leaving space for potential gains.
However, significant challenges remain for the bulls. SHIB currently trades below important Exponential Moving Averages (EMAs): the 50-day at approximately $0.00001296, the 100-day near $0.00001324, and the 200-day around $0.00001450. Overcoming these technical hurdles is deemed essential to confirm a shift towards a sustained bullish trend.
Market analysts emphasize that a forceful breakout above the EMAs requires a substantial increase in trading volume to fuel and sustain upward price movement.
A failure to maintain the current support at $0.0000120 could trigger further downside, potentially leading SHIB to test the next significant support zone located between $0.0000115 and $0.0000110. Market participants are closely monitoring volume and price action around these critical technical levels.