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As the meme coin industry and the larger cryptocurrency market continue to be dominated by pessimism, Shiba Inu it officially fell to its lowest level since January 2024. The token fell to around $0.0000089, confirming a prolonged downtrend that now stretches for almost nine months, breaking a crucial short-term support.
Exhaustion is clearly depicted on the chart. The 50 day, 100 day and 200 day lines are the three major moving averages that SHIB has continuously traded below. This technical setup usually indicates an ongoing vendor check.
What drives SHIB
Since late summer, the 200-day moving average in particular has served as a ceiling, rejecting all attempts at recovery. Weak momentum and the growing risk of a continuation of oversold rather than a reversal are further highlighted by the RSI hovering around 32. There is no indication of a bullish divergence, and SHIB it is trapped in a channel of long-term decline. Instead of the panic-driven capitulation that often precedes significant rebounds, price action indicates a steady decline.
The next crucial support zone is located between $0.0000075 and $0.0000080, and SHIB’s mid-2024 rally was first launched from this zone. A significant decline below that level could pave the way for a full retracement of last year’s gains at $0.0000065. Essentially, in recent months, Shiba InuThe ecosystem had difficulty producing significant catalysts. Although its layer 2 scale network, Shibarium, initially showed promise, activity on the chain plateaued and did not result in any buying pressure.
No cash for SHIB?
As liquidity concentrates around Bitcoin and Ethereum, the focus of investors is also moving away from meme tokens. For now, SHIB investors should prepare for continued downside unless the market stages a broader recovery. There may be brief bounces of relief, but they will likely last only a short time if there is no spike in volume or new net momentum.
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SHIB may try to get back to $0.000010-$0.000011 if the sentiment in the cryptocurrency space becomes more risky once again, but for the moment, the trend is still clearly bearish, with a downward path of less resistance.
