Shiba Inu price analysis (Bearish) — 0.00 USDT (-14.76% 24h)

SHIB is experiencing significant selling pressure, down over 14% in the past 24 hours as the meme coin faces technical headwinds. The current price of $0.00001022 sits below both the 20-day SMA ($0.00001071) and 50-day SMA ($0.00001147), indicating a clear bearish trend structure. The RSI reading of 34 suggests SHIB is approaching oversold territory but hasn’t yet reached extreme levels that typically signal a reversal. Trading volume remains elevated at over $90 million, indicating strong institutional and retail interest despite the price decline. The high volatility reading of 7.12% suggests continued price swings are likely. For traders, consider waiting for RSI to drop below 30 for potential long entries, with tight stop losses given the meme coin’s unpredictable nature. Resistance sits near the 20-day SMA, while support appears around the $0.00000950 level based on recent price action.