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Shiba Inu (SHIB) lost a critical price level of $0.000024, triggering panic among investors. The token's dip below this vital support level has raised concerns, with technical indicators suggesting more potential downturns.
SHIB Investors Concerned as Token Falls Below Crucial Support Level of $0.000024
Despite its struggles, Shiba Inu failed to build any meaningful positioning above the $0.000024 level and fell again, opening the door for the bears. Following this slump, the 50-day and 100-day EMAs may cross bearishly; otherwise, a bleak picture will emerge, as per U.Today.
This has left SHIB investors concerned after the token fell below a crucial support level, recently at $0.000024. This was an important support level for igniting the price upswing, but the break exposed the token to increased danger. With the current price of $0.00002391, additional crashes appear imminent.
Moving averages are another important technical indicator to watch. The 50-day EMA is set to cross below the 100-day EMA, which is not as bearish as a death cross but still a strong indicator of future trend aggravation. Such a pattern is typically a strong, bearish indicator, indicating that the downward trend may persist or exacerbate.
SHIB Faces Low Trading Volumes and Weak RSI, Struggles to Surpass $0.000024
Trading volumes have recently decreased, indicating buyers are uninterested in these prices. This lack of demand may make it tough for SHIB to recover and move over the $0.000024 price level shortly. In addition, the Relative Strength Index has dropped below 50.
There is some optimism, though. SHIB has previously demonstrated resilience, and cryptocurrencies are volatile assets, so market sentiment can shift quickly. If the price can hold in and around the next likely support level, around $0.000021, then there may be hope for an upward rise.
As always, be cautious, avoid FOMO, and remain calm, as the market is now performing unpredictably.
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