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As the asset struggles to sustain support at a critical level, Shiba Inu is approaching a critical juncture. The 200 EMA is a crucial support zone, with important ramifications for the asset's future, as seen by $SHIB hovering around it on the given price chart. If $SHIB is unable to maintain its position above this level, a significant drop may be on the horizon. $SHIB has consistently displayed weakness on the price chart, gradually declining toward its lower support levels.
The 200 EMA, often seen as the final line of defense in a bullish trend, is now in play. This is a risky scenario for $SHIB because, historically, breaches below this level signal the beginning of a bearish reversal. The current trading range, which has the 50 EMA serving as a ceiling and resistance at $0.00002245, suggests little buyer interest. An additional level of worry is raised by examining the on-chain metrics.
A startling 75.09% of $SHIB holders are currently out of the money, while only 11.38% are in the money, according to the active-addresses-by-profitability chart. This discrepancy emphasizes how much strain the asset is under as its holders deal with declining profitability. The significant concentration of holders at the $0.000019 to $0.000023 range further emphasizes how critical this zone is for maintaining market stability.
A difficult situation for $SHIB is created by a combination of technical weakness and bearish on-chain indicators. A wave of selling pressure might result if the asset is unable to maintain its position above the 200 EMA. The next support level could drop sharply lower. The $0.000022 level is one that investors should keep a close eye on.
If $SHIB recovers and gains traction above this level, it might offer some respite. Failure to maintain this crucial level, however, might pave the way for a more significant correction in the days ahead. $SHIB's performance at this crucial point in the year will probably dictate its course for 2025.