Shiba Inu (SHIB), a popular meme coin, has experienced a significant decline and broken key support levels, raising concerns about its future price trajectory. The Relative Strength Index (RSI) suggests oversold conditions, potentially indicating a short-term bounce. However, the loss of major support levels highlights downside risks. The recent price drop is attributed to a lack of buying interest and potential influence from macro market conditions. Traders may see the oversold conditions as a buying opportunity, but confirmation signals are necessary. Failure to recover above broken support levels could continue the downward trend. However, SHIB has shown resilience in previous cycles and could see a recovery if bullish catalysts emerge. Bitcoin's movement, SHIB's trading volume, and breakout levels will be important factors in determining its next move.



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