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The descending volume tendency indicates that bearish momentum may not have been fully exhausted yet, which is a concerning finding from volume analysis. Although the RSI points to an approaching oversold situation, a short-term reversal is unlikely due to the lack of robust buying activity.Should SHIB not quickly recover the 50 EMA as support, the asset may test even lower levels. Around $0.00002044, where the 200 EMA provides some chance for stabilization, is the next critical support.
The volatility of meme-based cryptocurrencies is nothing new. In the absence of notable bullish momentum, assets like SHIB are rapidly losing value due to the lack of an actual use case that would keep their value up even in periods of instability.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.