Shiba Inu (SHIB) is in a tough spot as its price is dropping, and traders are watching to see if the token can stay at its current support level or if it will keep it like that.
At a price of 0.00001096, SHIB has been on a slow, steady decline since it peaked in late 2024, until dipping just below a key support zone. This area is often seen as a psychological level, and right now the Shiba Inu coin is performing what may be called a retest, but a bearish one.
Charts show increased volatility in the short term, with SHIB dipping below its support earlier. The problem with SHIB is simple: a lot of selling. And by how perfect the retest of $0.000011 came, you see that sellers are doing their job exquisitely good.
Adding to the negativity, moving averages are showing a bearish outlook, meaning the bulls have not taken control on the daily and intraday time frames. The 200-day moving average is still above the current price, which is making things even more bearish. This price action is part of a bigger trend affecting meme tokens.
Related
A lot of them are struggling to hold on to the gains made during their respective bullish rallies. SHIB is testing some pretty significant support zones, so traders are watching to see if it can bounce back or if it will drop even deeper into a correction.
Related
If SHIB closes below $0.000011 in the next few sessions, it will probably confirm the bearish case, which would put the meme coin at a new, lower valuation and probably add another zero to its price figure.
Source: https://u.today/can-shiba-inu-shib-avoid-adding-another-zero-to-its-price