Shiba Inu, a meme-inspired cryptocurrency, is trading around $0.00000480 as of October 26, approaching its lowest levels this year. The persistent selling pressure in its daily trading graph raises concerns about potential downward risks, leading to fears of a new wave of sell-offs in the market.
Weak Technical Indicators Emerge
In October, an attempted recovery by SHIB/USDT failed near $0.00000620, leading to a retreat below both short and medium-term moving averages, currently clustered between $0.00000520 and $0.00000540. Furthermore, Shiba Inu remains below its long-term moving average of approximately $0.00000555, signifying a sustained bearish trend. Short-lived rebounds could see limited upward movement with the potential for renewed sales pressure.
Shiba Inu, falling below the $0.00000500 threshold, indicates that technical indicators still favor sellers.
RSI Suggests Continued Selling Pressure
The Relative Strength Index (RSI), a common metric for gauging momentum, registers around 35 for Shiba Inu, underscoring the ongoing selling pressure. Although this level implies the market is not yet in oversold territory, it suggests room for further declines. Buyers tend to re-enter predominantly after sharper downturns, and the recent trading volume’s weakness confirms a lack of robust buying interest at these price points.
The immediate downside target is around the $0.00000450 level, a region previously tested during past market corrections. A decisive break below this could steer prices toward the $0.00000410 to $0.00000420 range, where SHIB previously established a notable support level.
Key Price Zones to Watch
For any sustainable upward movement, buyers need to reclaim the $0.00000500 level, followed by surpassing the $0.00000530 region, which could help alleviate the downward pressure. Until these recoveries materialize, Shiba Inu’s market outlook remains fragile.
If the $0.00000450 region is breached, the $0.00000410 to $0.00000420 range could again become a focal point for SHIB’s market trajectory.
Current technical formations, combined with sluggish momentum and prices hovering below major moving averages, increase the likelihood of Shiba Inu revisiting its lowest levels of the year. The resilience with which buyers defend remaining support levels will be crucial in determining the cryptocurrency’s future direction.
