Shiba Inu (SHIB) is once again in the spotlight, as the meme token shows signs of weakening momentum following a sustained price rejection from mid-July highs. Over the past 24 hours, SHIB has declined by 4.67%, slipping to approximately $0.00001308. This drop has brought the token below several important exponential moving averages (EMAs), placing pressure on bullish holders and raising fresh concerns about a potential breakdown.
Despite the mild nature of the correction, the price structure shows clear technical signals that demand close attention. As the bears test short-term support, SHIB traders must now determine whether this is a temporary pullback or the beginning of a deeper retracement.
SHIB slips below key EMA cluster as bearish momentum intensifies
Looking at the 4-hour chart, SHIB has broken below the 20 EMA ($0.00001373), 50 EMA ($0.00001399), 100 EMA ($0.00001388), and is now sitting just above the 200 EMA ($0.00001345). These EMAs, which once offered dynamic support during SHIB’s July rally, have now flipped into resistance. This shift highlights growing bearish pressure and a change in market sentiment.
The chart shows that earlier in July, SHIB made a notable run toward the $0.00001600 range, driven by renewed investor enthusiasm. However, the token faced consistent rejections near the mid-$0.000015 levels, forming a descending pattern that has culminated in today’s dip.
Notably, price is now hovering near the 200 EMA, a critical zone that has historically served as the last line of defence before further capitulation. A clean break below this line, especially with increasing volume, could accelerate downside pressure toward the $0.00001200 area.
Intraday Price Action Shows Lack of Buyer Follow-through
Over the last 24 hours, SHIB attempted a mild recovery, peaking around $0.00001346 before retracing to the current level of $0.00001308. This failure to sustain upward momentum reflects a lack of buyer conviction. Every intraday push was met with supply pressure, suggesting that short-term traders may be opting to exit rather than accumulate.
The price range continues to narrow, with lower highs forming across several sessions. This consolidation beneath key EMAs reinforces the likelihood that the next significant move may be to the downside unless bulls reclaim higher ground swiftly.
Related article: How a $100 Monthly Investment in Shiba Inu Over 20 Years Could Lead to Significant Returns
What to Watch in the Next 24 hours
With SHIB perched just above its 200 EMA, the next few candles on the 4-hour chart are crucial. If bulls step in and push SHIB back above the $0.00001373–$0.00001399 range, the token could regain momentum and retest higher resistance zones. However, if price action stays below $0.00001345, bearish continuation becomes more likely.
The market may remain in this indecisive state until a volume spike confirms direction. Traders should pay attention to any break below $0.00001300, as that could trigger liquidation-driven moves down to the $0.00001200–$0.00001180 range.
Conclusion
Shiba Inu is currently at a technical crossroads, with price slipping under a tight cluster of EMAs and support now hinging on the 200 EMA line. While the bearish scenario appears to be gaining traction, a sudden reversal is still possible if bulls defend current levels aggressively. The next 24 hours may determine whether SHIB stabilizes, or breaks down further under pressure.
