Saad Ullah
Shiba Inu (SHIB) has been throwing curveballs at traders lately, and honestly, most people didn't see this coming. The meme coin is dancing around some pretty important price levels right now, and it's got everyone scratching their heads about what's next.
SHIB's Price Action Has Everyone Confused
So here's what went down with SHIB recently - and trust me, it caught a lot of folks off guard. Back in early June, SHIB tried to make a comeback by hitting that 50-day moving average around $0.00001418 USDT. Before that, it was already testing the waters near the 100-day moving average at roughly $0.00001392 USDT.
Right now, SHIB is barely hanging onto its long-term support level at about $0.00001200 USDT. It's like watching a tightrope walker - one wrong move and things could get messy fast. What's really weird is that after that solid run-up in May, everyone expected more fireworks, but instead we got this sideways shuffle that's got traders pulling their hair out.
The bulls are still trying to defend that $0.00001200 floor - you can see them stepping in every time SHIB gets close to breaking below it. But here's the thing that's got people worried: when SHIB bounced back up, there wasn't much volume behind it. It's like cheering at a concert where half the crowd already left.
Why SHIB Bulls Are Having a Tough Time
Let's be real here - SHIB is in a pretty tough spot technically speaking. The coin is still sitting below all the major moving averages (the 50, 100, and 200-day ones), and they're all pointing downward. That's basically like having three red flags waving in your face saying "caution ahead."
The RSI isn't doing SHIB any favors either - it's hovering around 45, which basically means the sellers still have more control than the buyers. It's not terrible, but it's definitely not the kind of momentum you want to see if you're hoping for a big comeback.
What Happens Next Could Make or Break SHIB
Alright, so here's where things get interesting for SHIB. There are basically two ways this could play out, and both are pretty important to watch.
If SHIB can't hold onto that $0.00001200 support level and breaks below it for real, we're probably looking at a trip down to those March lows around $0.00001050 USDT. That would be bad news for anyone hoping SHIB was done with the downside.
But here's the flip side - if SHIB can actually close above $0.00001392 USDT in the next few days (and with some decent volume this time), that could be the first real sign that the bulls are ready to take control again. It wouldn't guarantee smooth sailing, but it would definitely be a step in the right direction.
The next few trading sessions are going to tell us a lot about whether SHIB can break out of this boring sideways action or if we're headed for more disappointment. Either way, it's definitely worth keeping an eye on.
Saad Ullah
