Shiba Inu price analysis (Bearish) — 0.00 USDT (-6.07% 24h)

SHIB/USDT is showing significant technical weakness as the token trades at $0.00000959, down over 6% in the past 24 hours. The current price sits well below both the 20-day SMA ($0.000009957) and 50-day SMA ($0.000010079), indicating sustained bearish momentum. The RSI reading of 24.14 places SHIB in deeply oversold territory, suggesting potential for a technical bounce. However, trading volume remains elevated at $7.89 million, reflecting continued selling pressure. The high volatility reading of 3.18% indicates significant price swings are likely to continue. For traders, this presents a classic risk-reward scenario – the oversold conditions suggest potential for short-term rebounds, but the breach of key moving averages warns of further downside. Consider scaling into long positions with tight stops below recent lows, while short-term traders might find opportunities in volatility plays. Risk management is crucial given the elevated volatility.