Bouncing from the 2023 bull run support trendline, a bearish turn of events from the 50-day EMA drops Shiba Inu below the trendline. Falling back to the $0.0000080 mark, the second-biggest meme coin faces a selling rampage with the start of a new week.
The Underwhelming SHIB Paper
With the release of the months-awaited “SHIB Paper,” the SHIBArmy attempts to make the most of it in the current bear market. The release fails to ignite a notable spark in SHIB prices as the market ignores it in a forest of FUD.
The world paper includes 22 principles of SHIB, 15 problems tackled by the Shiba Inu ecosystem, and solutions to 10 global problems like centralization and privacy.
Under The Trendline, Will Shiba Inu Bounce Back?
Breaking under the crucial support trendline, Shiba Inu fails to resurface above the 50-day EMA, prolonging the downtrend. Currently, SHIB prices are at a discount of 25% to its recent swing high of $0.00001166 within just 10 days.
Currently, the SHIB price action shows a Doji candle following a 3.97% drop yesterday, potentially teasing a retest. However, the fall yesterday brings a spike in trading volume signifying a sellers frenzy.
Therefore, the chances of a bounce back are limited and declining, with the FUD growing in the market. The falling meme coin may find the next support levels at $0.0000075 and $0.00000655.
On the flip side, if the SHIB prices manage to resurface above $0.00000847, the recovery rally can pump Shiba Inu drastically. In such a case, the meme coin can reach the overhead resistance of $0.000010 if it exceeds the crucial EMAs.
