Shiba Inu (SHIB) has recently retraced, reflecting a broader downtrend within the cryptocurrency market. Currently, Shiba Inu is trading at $0.000021, with a significant 24-hour trading volume of $473 million. The price has dipped by 3.72% in the last 24 hours, underscoring the market’s risk-averse sentiment.
The recent pullback in SHIB’s price aligns with the global crypto market’s cautious approach, as investors are likely to reduce exposure to high-risk assets. This careful behavior is mirrored in SHIB’s struggle to maintain upward momentum, with the token now testing critical support levels. The asset’s movements are also heavily influenced by global economic shifts and regulatory updates, making its trajectory susceptible to external pressures.
At present, SHIB is positioned near the crucial 200-day Exponential Moving Average (EMA), a key long-term health indicator for assets. If SHIB manages to sustain above this level, it might set the stage for a potential market reversal, indicating underlying market strength and stability. However, if it breaks below, further declines could be triggered, increasing the selling pressure.
SHIB Corrects Lower at $0.00002080
Shiba Inu price analysis shows SHIB has corrected significantly, now approaching a critical support level at $0.00002080. The daily chart displays a prolonged bearish trend, marked by a series of lower highs and lower lows. Currently, SHIB’s price action is tightly compressed under the Parabolic SAR points, indicating sustained downward pressure. The Stochastic RSI deep in the oversold territory at 4.90 suggests extreme bearish sentiment, yet this could also hint at a potential for reversal if buyers step in to capitalize on these low levels.
Furthermore, recent activities have seen major SHIB holders moving approximately 4.29 trillion tokens to Coinbase, signaling possible future sell pressures. This transfer, while its intentions remain unclear, hints at potential market movements that could affect SHIB’s pricing dynamics.
Despite being 75% below its all-time high, SHIB still holds potential for a rally, although the current market conditions suggest a cautious approach.
