Shiba Inu (SHIB) Battles Bearish Pressure, RSI Hints at Potential Reversal

Shiba Inu (SHIB), a prominent meme coin in the cryptocurrency space, has been grappling with increased selling pressure in recent weeks, raising concerns about its short-term price trajectory. After a robust rally in late 2024, SHIB has since entered a downtrend, struggling to maintain key support levels. With the price currently hovering around $0.00001389, investors are speculating whether this decline will persist or if a reversal is imminent.

Technical indicators, such as the Relative Strength Index (RSI), suggest that SHIB may be approaching oversold conditions, which could potentially trigger a bounce. However, the presence of strong resistance levels above current prices poses a challenge for the bulls. This article provides a detailed analysis of SHIB’s current price structure, key support and resistance zones, and possible future scenarios to determine whether Shiba Inu is poised for a recovery or further downside.

Shiba Inu (SHIB) has been experiencing a gradual downtrend after reaching a local peak in late 2024, as seen in the daily chart. The current price hovers around $0.00001389, marking a 4.12% decline in the latest session. This suggests that bearish momentum continues to dominate, with lower highs and lower lows forming over the past several weeks.

The support and resistance levels drawn on the chart highlight key areas where price action has historically reacted. SHIB has recently tested a strong support zone around $0.00001300, but the failure to sustain above it could trigger further declines. Conversely, if the price rebounds from this level, we could see a short-term recovery.

One critical indicator to consider is the Relative Strength Index (RSI), which is currently around 30.90. This level is very close to the oversold threshold (30), indicating that SHIB might be nearing a potential reversal zone. Historically, whenever the RSI has dropped near this level, SHIB has seen short-term bounces, suggesting that a relief rally could be on the horizon.

However, a single oversold signal doesn’t guarantee an immediate price reversal. If the RSI continues to hover below 35 without any strong buying pressure, SHIB might remain in a bearish consolidation