Shiba Inu (SHIB) slipped below a crucial support level during recent trading, as the token dropped through the 100-day Exponential Moving Average (EMA), a price marker that had consistently provided support over the past three months. Following a daily session that opened at $0.00000509 and reached a low of $0.00000483, SHIB is now positioned near $0.00000496.
Break of 100 EMA shifts trend
The 100 EMA, located at approximately $0.00000528, served as a resilient price floor since August. Buyers had successfully defended this line on multiple occasions—in late August, mid-September, and during the base of the rally that sent SHIB to $0.00000627. Early October saw the token close below the 100 EMA, prompting an attempt to recover, but each rebound stalled underneath this level. The zone that once acted as support now functions as resistance, highlighting a significant shift in market sentiment as sellers continue to dominate the trend.
While buyers previously defended the 100 EMA, recent failed attempts to reclaim it demonstrate that this level has now become a firm resistance, confirming the prevailing control of sellers.
Other moving averages, such as the 50 EMA and 20 EMA, provide little relief for bulls, with the 50 EMA positioned around $0.00000540 and the 20 EMA at $0.00000545. The 200 EMA sits even higher near $0.00000562, making a significant rally necessary just to reach these indicators.
Momentum and technical outlook
Technical signals reveal a cautious environment. The Relative Strength Index (RSI) currently rests at 36, suggesting sustained selling but stopping short of indicating immediate oversold conditions. Trading volume remains moderate, which underlines a steady rather than panicked decline. The absence of major support levels above implies that any attempt at recovery will likely face stiff resistance from previous floors now turned ceilings.
The area below the current price is characterized by sparse support zones. The first notable level lies at $0.00000483, the day’s low, followed by the September dip at $0.00000474. Should these fail, the next potential supports are the August bottom between $0.00000437 and $0.00000440, and the June-July lows in the $0.00000405 to $0.00000410 range. A drop into these zones could potentially undo all the recovery progress made in the last quarter.
| Support Level | Reference Date/Context |
|---|---|
| $0.00000483 | Today’s session low |
| $0.00000474 | September dip |
| $0.00000437–$0.00000440 | August bottom |
| $0.00000405–$0.00000410 | June-July lows |
Reversal efforts and resistance zones
Some technical indicators leave open the possibility of a short-term bounce, given the low RSI readings near current support. However, analysts remain cautious, noting that such a move would not indicate a full trend reversal but might instead be a temporary relief rally, especially without a marked increase in buying volume.
For bullish momentum to return, buyers must first reclaim the $0.00000500 level, and more importantly, achieve a daily close above the 100 EMA around $0.00000528. Until these thresholds are surpassed, upward moves are expected to encounter heavy selling pressure, and the broader trend remains in favor of sellers.
Shiba Inu is the second-largest meme coin project by market capitalization, known for its active community and volatile trading patterns.
