Shiba Inu (SHIB), a popular meme coin, is depicting market weakness in its attempt to sustain recent momentum from its late-April price run-up. The meme coin is currently facing bearish pressure which has resulted in a three-day price decline. 

Furthermore, recent candle patterns indicate that SHIB traders are exhibiting indecisiveness. This is majorly fueled by waning buyer interest and cooled off momentum . These market signals point toward a consolidation or further decline, not unless significant buying intervention stops the dip below essential support levels.

SHIB is Currently Trading Below Key Moving Averages

The price of Shiba Inu (SHIB) is currently painting a bearish outlook. According to the SHIB/USDT daily chart on TradingView, this meme coin is trading at $0.00001293. This level marks a drop by 0.31% on the day and 4.23% over the last three-days. 

SHIB recently encountered resistance from a higher level established around the $0.00001400 mark. This level aligns with the 100-day Exponential Moving Average (EMA), sitting at $0.00001450. Hence, SHIB failed to break above this essential resistance zone in its recent price action. 

Additionally, the current price sits below the 20-day EMA at $0.00001309 and the 50-day EMA sitting at $0.00001319. This puts the token in a precarious zone. SHIB is currently attempting to hold the support zone between the 20-day and 50-day EMAs. But, the current price action of SHIB suggests a bearish scenario as it remains below both EMAs, hence signaling a bearish forecast.

Shiba Inu’s volume also seems to be facing a downturn as the momentum experienced in late April fades away. The price has thus lost its ability to continue the upward trend which initially started on April 22 upon a big green candle formation. Buyer exhaustion is also prevailing in the market. This can be confirmed by the series of candles with lower highs which have formed since the breakout. 

Shiba Inu’s RSI and Long-term EMAs Hint at Consolidation or Further Dip

The Relative Strength Index (RSI) for SHIB as well as the long-term EMAs (100-day EMA and the 200-day EMA) point to a potential consolidation or drop. Notably, the RSI of SHIB has dropped from 57.65 to 48.63. Its current position slightly below 50 suggests consolidation. But further drop toward the 30 level will signify bearish momentum. 

Additionally, SHIB’s bearishness is further depicted by the position of the 200-day EMA at $0.00001626. With the 200-day EMA far away from the current price level, SHIB has no foreseeable potential to surpass this resistance barrier in the near future. Any upward price movement will stay limited until SHIB succeeds to climb above the 50-day and 100-day EMAs. 

However, a fall beneath the $0.00001280 psychological level might lead to a potential retest of the $0.00001200 support zone. Shiba Inu bulls must establish control to shift the momentum. 

Shiba Inu’s Short-term Price Forecast

The price of Shiba Inu (SHIB) will continue to face mild bearish pressure in the short-term market unless buyers push the price above $0.00001350. The current trading position slightly under the 20-day and 50-day EMAs creates resistance at $0.00001309 and $0.00001319. 

A successful price movement through this zone would enable an upward price movement  towards the 100-day EMA at $0.00001450. Although this would require a strong volume surge and a shift in sentiment. 

If SHIB closes below the recent support at $0.00001280, it could trigger a move toward the $0.00001200 psychological level. This price level acted as a strong demand zone for Shiba Inu back in early April. 

Positive market conditions are necessary for Shiba Inu to break out of its current bearish trend. Market participants need to analyze how the price performs moving forward as this could provide crucial signals about an upward or downward price movement.