Shiba Inu (SHIB) has broken a key support level and is trading around $0.00000496. The price opened the day at $0.00000509 and dropped to $0.00000483. This movement took the price below the 100 EMA – the orange line around $0.00000528, which had served as a major support since August.
This is significant because buyers have defended this line repeatedly: at the end of August, again in mid-September, and it was the base for the rally to $0.00000627. In early October, SHIB closed below it, attempted to return, and failed. Each bounce was stopped under the line, turning the former support into resistance. The current red candles confirm sellers' control.
Other averages above are not helping: the blue and cyan lines around $0.00000540 and $0.00000545, the long 200 EMA around $0.00000562 – even further. To simply test them, the price needs a significant rise. RSI is around 36 – close to oversold, indicating strong selling, but there is no reversal signal yet. Volume is moderate, so the decline is smooth rather than panicked.
Below the chart, there is almost nothing, and the remaining supports are of great importance. The first is $0.00000483, today's low. Below it is the September pullback around $0.00000474, where buyers intervened before the last rally. If it breaks, the next area is 0.00000437–0.00000440, the August low. The last major support is 0.00000405–0.00000410, the lows of June and July. A fall there would erase all the growth of the last three months.
A bounce from $0.00000483 or $0.00000474 is possible with low RSI, but by itself, it does not change the trend – it will only show whether buyers can build a base. Without an increase in volume, any rise is likely to remain a bounce within a broader downward movement. Key resistances are $0.00000500 and the 100 EMA around $0.00000528: a daily close above this line will negate the breakout.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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