Shiba Inu (SHIB) is currently facing downward pressure as it forms a head and shoulders pattern on the daily chart, a technical formation often signaling the end of an upward trend. This pattern has created a critical support level at approximately $0.00002100, which, if breached, could lead to a significant price drop. The potential target for this decline is around $0.00001750, coinciding with the 200-day exponential moving average, indicating strong support. Despite SHIB managing to stay above this neckline, a decline in trading volume suggests weak momentum, and the Relative Strength Index (RSI) remains in the neutral zone, reflecting investor indecisiveness.
Adding to the bearish sentiment, Shiba Inu's New Adoption Rate has plunged to a 30-day low, indicating low demand from new entrants. This decline in new user acquisition reflects broader market hesitance towards memecoins, as SHIB struggles to find buyers despite mild improvements in the overall crypto market sentiment. The recent 3% pullback in SHIB's price further underscores the challenges it faces, with weak volumes and resistance at $0.000025 acting as significant barriers to recovery.
The current price of Shiba Inu is $0.000021, marking a 1.21% decrease today.