Shiba Inu Slips Below Key Support Level, Bearish Trend Intensifies

Shiba Inu (SHIB) has broken below a crucial support level at $0.00001230, signaling a potential continuation of its downtrend. This level has acted as a major support zone since mid-2023, consistently sparking relief rallies. Its breakdown now threatens to turn this former safety net into a resistance level, further weakening bullish sentiment.

SHIB is currently trading under long-term moving averages such as the 100 and 200 EMA, reinforcing the broader bearish outlook. The 26 EMA has also turned downward again, indicating short-term negative momentum. Importantly, this move doesn’t appear to be a false breakout, as the volume during the decline aligns with previous sell-offs, confirming bearish pressure.

Technical indicators show that the Relative Strength Index (RSI) is nearing oversold territory, suggesting that a potential bounce may occur, although not guaranteed. If SHIB fails to reclaim the $0.00001230 level, the next likely support lies near $0.00001050—a level not tested since October 2023. A deeper fall could push prices toward the psychological threshold of $0.00001000, shaking investor confidence even further.

This recent dip affects not just the technical outlook but also overall market sentiment. SHIB’s price often relies heavily on speculative interest and community-driven hype. Without a swift recovery led by bullish momentum, the asset could continue to lose support among retail traders and long-term holders alike.

As Shiba Inu hovers at critical levels, its next move will be vital in determining whether it can regain traction or slide further into a bearish trend. Investors should watch closely for any signs of recovery or deeper breakdowns that could define SHIB’s short-term direction.