Shiba Inu (SHIB) has experienced a significant drop in value over the past few weeks, with concerns of further declines. It is currently trading around $0.00001740, below important support levels, indicating that sellers are in control. The inability to recover its 200 EMA and the presence of the bearish 100 EMA at $0.00002160 suggest a larger downward trend. The next critical support is at $0.00001500, and if that level is broken, a decline towards $0.00001200 could occur. The RSI indicator's oversold conditions are unlikely to bring about a reversal unless SHIB moves above the 200 EMA and regains $0.00002100 as support. The daily chart shows lower highs, and the bearish momentum is accelerating, leading to potential further losses for SHIB in the absence of a reversal pattern. The outlook remains bleak as long as the asset remains below important moving averages.



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