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Just noticed: Shiba Inu has fallen below an important support level. The price dropped below $0.00000667 and is now around $0.0000056056. I'm currently looking at the charts and see that this thing is really in a downtrend. The technical indicators are not exactly pointing to a quick recovery.
What interests me: The next critical levels are at $0.00000304 and $0.00000138. Shiba Inu is trading well below the moving averages, which means the downward pressure could continue. Sure, the oversold area might trigger a small rally in the short term, but will it really make a difference?
Honestly, the chances of a quick recovery look weak. Unless the overall market turns around at some point and key resistance levels are reclaimed. Until then, the sentiment remains bearish. Anyone long on Shiba Inu should keep these levels in mind.