Crypto Market Update: SHIB Fights for Stability, Near Protocol Struggles
Shiba Inu (SHIB) is struggling to stabilize after its recent recovery impulse. Despite a significant increase in trading volume, buyers are facing selling pressure, causing the daily high to be rejected.
The asset's technical analysis shows that it remains below its 200-day and 100-day moving averages, indicating a bearish trend. The 50-day moving average is currently at $0.00000500, serving as the first significant obstacle for SHIB.
However, shorter-term moving averages have started to rise, indicating strengthening momentum. The RSI has also rebounded to around 58, providing space for a further increase before entering overbought territory.
Despite this, turnover has been steadily decreasing in subsequent sessions, suggesting that traders are holding off on making further capital commitments until confirmation.