Shiba Inu (SHIB) faced a major setback after its recent recovery attempt failed to break through the crucial 100 EMA resistance level. The price, which currently trades around $0.00002215, reversed its upward movement, causing concern among traders and investors. The 100 EMA, positioned near $0.00002255, acted as a strong resistance and halted SHIB’s rally. This rejection highlights the persistence of bearish sentiment, with the market lacking the strength to sustain a long-term upward trend.
Declining Volume Signals Waning Interest
Adding to the challenges, SHIB’s trading volume has dropped significantly. A decline in volume during a failed recovery often indicates reduced market interest. This reduced participation makes it harder for the price to maintain bullish momentum.
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Without notable market catalysts, speculative interest in SHIB has faded, further contributing to its lackluster performance. Looking ahead, SHIB finds immediate support near the 200 EMA, approximately at $0.00002055. A break below this support could trigger a steeper decline, possibly pushing the price toward the psychological support level of $0.00001900.
Source: CoinMarketCap
On the upside, reclaiming the 100 EMA at $0.00002255 remains critical for SHIB to regain bullish momentum. If successful, the price could aim for the next resistance level at $0.00002494.
Challenges in Staying Relevant
Despite overall market growth, SHIB struggles to stay relevant among investors. Its poor performance underscores the importance of finding new market participants and maintaining critical support levels.
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For SHIB to stage a recovery, traders should monitor volume and momentum indicators closely. These factors will likely determine whether the token can reverse its downward trend and regain investor confidence.
With bearish pressure persisting, SHIB faces an uphill battle. Only a significant increase in volume or market catalysts can shift its trajectory and renew optimism among investors.
