Shiba Inu worth FOMO-driven rally seems to be running out of steam as SHIB loses 15% in seven days. SHIB efficiently maintains on the 50-day SMA at $0.00004382, which paves the way for the continuing restoration to 0.000050.

Meme-based cryptocurrencies have misplaced a good portion of their all-time highs (ATH). SHIB is at the moment buying and selling at $0.00004540, roughly 50% under its October 28 ATH round $0.00008882. Shiba Inu’s worth is down 2.81% over the past 24 hours, 15% down over the past one week. This worth correction has seen the self-claimed “Dogecoin-killer” slip to the 12^th place in accordance with CoinMarketCap rating in market worth.

The “SHIB Army” is at the moment attempting to push for restoration as traders seem to have taken the lead, gaining seats with the rally persistently slowing down as in comparison to “Uptober”.

Shiba Inu Price Bulls Should Defend The 50 SMA Support

SHIB/USD rebounded off the lately found $0.00004382 support level at which is currently embraced by the 50-day Simple Moving Average (SMA). The SMA has acted as a dynamic assist for Shiba Inu since November 18.

If Shiba Inu can efficiently maintain onto the assistance, bulls might be bolstered to push the value above the $0.00004721 resistance level embraced by the upper boundary of the descending parallel channel. If this occurs, SHIB worth might rapidly achieve a floor in the direction of the $0.00005 degree.

SHIB/Daily Chart

However, the general technical image seems to be favoring the bears. First, SHIB continues to commerce throughout the confines of the falling channel as the value is repeatedly rejected by the higher boundary of the channel.

In addition, the drop of the Relative Strength Index (RSI) under the midline in the direction of the oversold areas reveals that the bears are stronger than the bulls.

Also, the entry of the Moving Average Convergence Divergence Indicator (MACD) is a sign that the Shiba Inu worth market sentiment is essentially unfavorable, pointing to a deeper worth correction.

Therefore, if SHIB slips under the -day SMA at $0.00004832, it could drop to tag the $0.000040 psychological degree or the channel’s center boundary at $0.00003592. A drop additional might see Shiba Inu plunge in direction of the goal of the prevailing chart at $0.00002438, a 46% drop from the present worth.

Conclusion

Shiba Inu is currently battling crucial support levels as bullish momentum fades. Holding the 50-day SMA could offer short-term recovery potential, but persistent bearish pressure and technical signals warn of further downside risk if the support fails.

FAQs

Q1: What is the current price level of Shiba Inu?
Shiba Inu is trading around $0.00004540, which is roughly 50% below its previous all-time high.

Q2: Why is the 50-day SMA important for SHIB?
The 50-day SMA has acted as a strong support level, helping SHIB maintain stability during recent market pullbacks.

Q3: What happens if SHIB falls below its support?
A break below support could push the price down to $0.000040 or lower, increasing bearish momentum.

Q4: Is the market currently bullish or bearish?
Technical indicators like RSI and MACD show bearish sentiment dominating the current market structure.