Shiba Inu price analysis (Bearish) — 0.00 USDT (-7.31% 24h)

SHIB is showing significant technical weakness as the meme coin trades at $0.00000964, down over 7% in the past 24 hours. The current price sits well below both the 20-day SMA ($0.00001006) and 50-day SMA ($0.00001029), indicating sustained bearish momentum. Most notably, the RSI reading of 24.5 signals severely oversold conditions that historically precede potential bounces. Despite the price decline, trading volume remains substantial at $17 million, suggesting continued market interest. The high volatility reading of nearly 8% indicates traders should expect continued price swings. For short-term traders, current levels might present a contrarian buying opportunity given the extreme oversold conditions, but strict stop-losses are advised. Longer-term investors should wait for confirmation of a bottom formation before establishing significant positions. The key resistance to watch remains the $0.000010 level where the 20-day SMA currently resides.