Shiba

Resistance

Shiba Inu

<p>The meme token Shiba Inu (SHIB) is struggling to maintain its upward momentum. After failing to break through a major resistance zone, SHIB appears to be entering a correction phase, causing concerns among holders.</p>
<h2 id="h-correction-in-sight-for-shiba-inu-after-a-sharp-rejection-at-the-ema-50">Correction in Sight for Shiba Inu After a Sharp Rejection at the EMA 50!&nbsp;</h2>
<p>According to a technical analysis by U.Today, Shiba Inu is at a critical inflection point. The cryptocurrency had recently climbed toward its 50-day exponential moving average (EMA), a key resistance level. However, SHIB faced a sharp rejection at this level, triggering a marked trend reversal.</p>
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<p>This bearish pivot at the EMA 50 signals a loss of upward momentum for SHIB, amid a broader crypto market momentum loss.</p>
<p>The lethargic trading volume accompanying this reversal reflects the lack of engagement from traders, hesitant to take a stand in either direction.&nbsp;</p>
<p>The market’s indecision is also evident in the relative strength index (RSI), which oscillates around 50, a neutral value signaling neither overbought nor oversold conditions. The RSI thus confirms a lack of clear direction for SHIB in the short term.</p>
<figure class="wp-block-image size-full is-resized"><img decoding="async" src="https://www.cointribune.com/app/uploads/2024/04/image-5.png" alt="SHIB/USDT chart by TradingView : Source  : U.Today" class="wp-image-687107" width="601" height="337" srcset="https://www.cointribune.com/app/uploads/2024/04/image-5.png 826w, https://www.cointribune.com/app/uploads/2024/04/image-5-300x168.png 300w, https://www.cointribune.com/app/uploads/2024/04/image-5-768x430.png 768w" sizes="(max-width: 601px) 100vw, 601px">
 <figcaption class="wp-element-caption"><em>SHIB/USDT chart by TradingView</em>
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</figure>
<h2 id="h-support-and-resistance-levels-to-watch">Support and Resistance Levels to Watch</h2>
<p>SHIB’s failure at the EMA 50 highlights a lack of buying pressure in the crypto market overall. The meme token must now rely on immediate support at $0.000021 to prevent a more pronounced slide.&nbsp;</p>
<p>A break below this floor could pave the way for a deeper correction, with potential support around $0.000012 at the lower limit of the channel.</p>
<p>Conversely, to return to an upward trend, SHIB must reclaim the EMA 50 and overcome the resistance zone around $0.00003, its recent peak. However, such a rebound would require a significant increase in participation and a change in market sentiment, both of which remain uncertain at this stage.</p>
<p>The upcoming sessions will be critical to gauge SHIB’s resilience. A strong bounce at the $0.000021 support is crucial to averting the risk of a more severe correction.</p>
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Crypto: Shiba Inu in free fall, failed rebound raises fears of the worst!

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