Shiba Inu Bears Target Recent Lows as Downtrend Persists
Shiba Inu (SHIB) is showing a similar structure to Dogecoin, continuing to face selling pressure as it slips nearly 1% on Wednesday, marking its fourth consecutive losing session. On the 4-hour timeframe, SHIB remains confined within a descending channel, reinforcing the short-term bearish trend.
Immediate support is located around $0.0000059. A confirmed breakdown below this level could expose the February 6 low near $0.0000056, followed by deeper support around $0.0000051, which aligns with the lower boundary of the current descending channel.
Momentum indicators reflect weakening strength. The RSI has declined toward the 40 zone and is approaching oversold territory, suggesting bearish momentum remains dominant. Meanwhile, the MACD line is converging with the signal line, increasing the risk of a fresh bearish crossover if selling pressure accelerates.
On the upside, any recovery attempt may first test the 50-period EMA near $0.0000063, with stronger resistance seen around $0.0000065, close to the upper boundary of the descending channel.
Long-Term Trade Scenarios (Risk-Managed Approach)
Buy Scenario (Accumulation Zone)
Entry: $0.0000051 – $0.0000056
TP1: $0.0000065
TP2: $0.0000075
SL: Below $0.0000047
Sell Scenario (If Breakdown Confirms)
Entry: Below $0.0000059 (4H close)
TP: $0.0000051
SL: Above $0.0000065
Risk management remains essential in volatile meme coin markets.
This content is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
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