The Downtrend Continues: Shiba Inu (SHIB) Falls Below Crucial Support as Bears Eye This Next Key Level

Shiba Inu has continued to struggle in recent times and has already been outperformed by many altcoins. For example, Bitcoin Cash (BCH) has seen a 14.35% increase, soaring from $209 to $239 over the last four days. Similarly, Chainlink (LINK) has shown steady gains since September 12, surging 34.48% from $5.8 to $7.8. Maker (MKR) also exhibited bullish momentum, climbing 22.02% from $1262 to $1540.

This outperformance could indicate investors shifting preferences toward cryptocurrencies with more utility and fundamental strength. It may also signal a maturing market growing more discerning, focused on projects with substantial use cases and long-term viability.

Based on Shiba’s recent outlook, a recent bullish breakout has reversed course, opening up downside risks. After breaking out from an Ascending Triangle pattern, SHIB price reached a target of $0.0000115. However, SHIB has since fallen back below support at $0.000008, which aligned with the prior breakout point.

Break Below Support Signals Downtrend

This breakdown below the $0.000008 support indicates a resumption of the prevailing downtrend across short, medium, and long timeframes. SHIB remains in a clear downtrend across daily, weekly, and monthly charts.

Momentum indicators present a mixed picture. The MACD line stands above the signal line, which is bullish. However, the 14-day RSI reads below 45, indicating bearish momentum. Declining MACD histogram bars point to weakening upside momentum as well.

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Next Support Around $0.0000055

With SHIB trading below the $0.000008 support, downside risk now points toward the next support zone around $0.0000055. This lines up with swing lows in May and September 2022.

On further strength, initial resistance is expected around $0.0000080, which aligns with the breakdown point and prior support level. Above that, additional resistance is located at $0.0000100 and $0.00001200.

Traders may consider setting price alerts around key support and resistance levels. But the overall technical posture favors a bearish bias given the breakdown and prevailing downtrend across timeframes. Continued volatility is likely as the crypto market struggles for direction.

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Julian Joseph Lehmann