On the daily chart, Shiba Inu is under a lot of pressure and is currently going through a noticeable decline. The asset's price has decreased by 2.43% to $0.00002568, its lowest level to date. Despite this brief difficulty, there is still hope as SHIB gets closer to the crucial 50 EMA level, where a possible reversal might pique investors' interest once more. 

The drop comes after a volatile period following SHIB's robust November and early December rally. The price moved toward $0.000033 during this rally, but the momentum has since waned. SHIB moved closer to its 50 EMA support level at roughly $0.00002512 after a breakdown below the 26 EMA indicated increasing bearish pressure. Because it frequently serves as an active support line for assets during corrections, the 50 EMA has historical significance. 

SHIB/USDT Chart by TradingView

The asset may recover and regain its higher price targets if SHIB finds stability at this level. Failure to maintain this support, however, might expose SHIB to additional declines and possibly test the $0.000023 region, which is consistent with earlier price consolidations. Volume indicators show a decline in trading activity, which may indicate that both buyers and sellers are losing faith in the market. This volume decline may be a sign that selling pressure is warning, which could lead to a stabilization period and a subsequent rebound. 

HOT Stories Bitcoiner Michael Saylor Places Big Hopes on US 'Crypto Czar,' Here's Why Ripple USD (RLUSD) Is ‘Game-Changer’, SWIFT Veteran Says Litecoin ETF Might Happen Before XRP ETF, Expert Says Breaking: Anti-Crypto SEC Commissioner to Leave Agency

Related
Tue, 12/17/2024 - 18:59 Ripple CEO Joins 1 Million Club on Musk's Social Media Network
Alex Dovbnya

The 26 EMA level, which would indicate a change in momentum, must be reclaimed by Shiba Inu at approximately $0.00002730 for a bullish scenario to materialize. Above that, if market sentiment improves, a push toward $0.00002850 and eventually $0.00003000 might be possible.

Though SHIB is facing short-term difficulties, there is some hope at the 50 EMA level. In the event that buyers intervene and protect this support, the asset might recover and retest higher resistance levels. Investors should keep a close eye on this crucial level because a recovery from it might indicate that SHIB is ready to buck the current downward trend.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。