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Following
SHIB SHIB is struggling to find the bottom, and the bullish signal is fading.
Recently, the Shiba Inu coin (SHIB) has fallen back to its previous level, almost erasing all the gains since its rebound at the end of July. Currently, the price of this cryptocurrency hovers around US$0.0000448 and has never been able to effectively break through the key resistance level. This weak performance suggests that the market is still facing continued short pressure and the direction is unclear.
Why is Shiba Inu's performance weak?
Shiba Inu's efforts to stabilize its key moving average failed. After initially rushing high to $0.000058, the token failed to maintain upward momentum and fell back to near the 50-day moving average, a position that basically coincides with its current price. This return to previous levels reflects the continued dominance of sellers and the hesitation of traders.
It is worth noting that the SHIB failed to hold above the 100-day moving average (US$0.0000493), with current prices about 10% below that level. The inability to break through this resistance suggests that bullish sentiment in the short to medium term has gradually subsided.
Can SHIB rebound quickly?
The recovery of Shiba Inu may depend on whether it stabilizes above the key support range of US$0.000041 to US$0.000043. This range successfully absorbed selling pressure in June and July this year. If this area can be held, it may lay the foundation for a bullish rebound in the future.
However, SHIB still faces suppression from its 200-day moving average (US$0.0000583), highlighting the current bearish sentiment in the market. As momentum indicators such as RSI move back into neutral territory, any renewed interest may be very limited.
Momentum has rapidly weakened, and the RSI has now fallen to around 45 after briefly entering overbought territory in July.
The current SHIB price coincides with the 50-day moving average and remains at US$0.00000448.
The gap between the 100-day moving average and current prices suggests that bullish momentum has been lost.
The 200-day moving average is at US$0.0000583 and has not been challenged in recent transactions.
If Shiba Inu wants to regain its bullish momentum, it seems that it must first establish effective support for the short-term and medium-term moving averages. Closely monitoring the token's performance around these key technology levels will help determine future trends and the likelihood of a rebound.
