Shiba Inu Plunges 30%: Can It Rebound from $0.00001200?

Shiba Inu (SHIB), the popular meme cryptocurrency, has experienced a significant decline, with its price accelerating a 30% crash. This sharp drop has raised concerns among investors and traders alike, as the asset's value continues to plummet.

The market's downward trajectory may intensify, potentially reaching the $0.00001200 level, an area of historical accumulation. However, if this level is breached, the selling pressure could persist, and the Relative Strength Index (RSI) indicator's oversold conditions may not be sufficient to trigger a reversal. To regain its bullish momentum, SHIB needs to move above the 200 Exponential Moving Average (EMA) and ideally re-establish $0.00002100 as support.

In the meantime, rallies may be short-lived, as the daily chart still displays lower highs. The bearish momentum is gathering pace, leading to one of the steepest drops in recent months for Shiba Inu. In the absence of a clear reversal pattern, SHIB could face further losses in the near future. While traders should monitor potential support levels, the outlook remains bleak as long as the asset remains below crucial moving averages.