Shiba Inu (SHIB) is facing significant bearish pressure, with its price action threatening a new all-time low. Analyst CryptoPulse notes a breach of a falling wedge pattern, setting a potential target of $0.00000510. Technical indicators, including the RSI and MACD, confirm ongoing weakness and lack of bullish momentum for the meme cryptocurrency as it struggles below key moving averages.
The Shiba Inu token is struggling to gain upward momentum, facing increased selling pressure. At the time of writing, SHIB was trading at $0.000005974 with a 24-hour decline of 0.55%, according to data from CoinMarketCap.
Analyst CryptoPulse stated that SHIB could be heading towards a new all-time low based on its weekly chart action. “If Shiba Inu fails to reclaim the falling wedge support this week, then investors can expect further losses,” the analyst mentioned, setting a price target of $0.00000510.
Technical indicators show sustained weakness for the asset. The Relative Strength Index stands at 31.9, well below the neutral level, while the price remains beneath its Moving Average ribbon.
The Moving Average Convergence Divergence indicator also signals continued downward momentum. Both the MACD and signal lines reside below zero, with a bearish histogram suggesting selling has not ceased.
Investors are advised to monitor SHIB’s key support levels closely in the coming days. The cryptocurrency remains in a declining trend below major resistance according to all observed technical metrics.
