Shiba Inu Faces Critical Support Challenges

Shiba Inu is struggling to maintain essential support levels, putting it at risk of a severe breakdown. Currently, SHIB is trading at $0.00001326, having dropped more than 6% in the last day.

Bearish Pressure Persists

The price movement indicates that bearish pressure remains strong. SHIB attempted to break through a descending trendline but was quickly rejected, leading to a downward trajectory. Selling pressure is increasing as investors lose confidence in a rebound.

Psychological Levels

If SHIB falls below $0.00001200, it may reach the psychological level of $0.00001000, effectively adding another zero to its price. This would prompt a significant psychological shift for investors, leading to a swift decline.

Potential for Recovery

Conversely, if SHIB finds short-term support in the range of $0.00001250-$0.00001300, it could stabilize and attempt to break resistance, potentially allowing for accumulation and even a price reversal. In an ideal scenario, SHIB could recover to $0.00001500.

Future Outlook

To counter the bearish outlook, SHIB must break above the descending trendline to push towards $0.00001700 or higher. Without intervention from bulls to protect support levels, SHIB risks further declines, which could severely impact investor sentiment.