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Shiba Inu (SHIB) Crashes Dramatically, Losing 20%
A concerning finding from volume analysis suggests that the downward trajectory of SHIB is likely to continue. Although the RSI points to an approaching oversold situation, a short-term reversal is unlikely due to the lack of robust buying activity.
As a result, should SHIB not quickly recover the 50 EMA as support, the asset may test even lower levels. Around $0.00002044, where the 200 EMA provides some chance for stabilization, is the next critical support. However, SHIB runs the risk of further declines in the absence of a wider market recovery or renewed buying interest.
The volatility of meme-based cryptocurrencies like SHIB is nothing new. In the absence of notable bullish momentum, assets like this are rapidly losing value due to the lack of an actual use case that would keep their value up even in periods of instability.
As a result, investors and traders should be cautious and carefully consider their next moves as the crypto market remains uncertain.
Source: u.today
