Shiba Inu (SHIB) Has Formally Broken Through One of Its Most Important Annual Support Levels

input: Xrp has formally broken one of its most important annual support levels, raising the possibility that its protracted decline will continue.

Shiba Inu (SHIB) broke through one of its most important annual support levels, suggesting that its protracted decline could continue.

After weeks of pressure, the asset is currently trading below the $0.00001230 level, a crucial historical support zone that has remained stable since mid-2023. As seen on the chart, this level has been tested several times by SHIB throughout the last year, using it as a springboard for several relief rallies.

This recent breakdown could see the support become resistance. The 100 and 200 EMAs are still highly placed above the current price, supporting the main trend, while the 26 EMA has curled downward once more, highlighting the short-term bearish bias. This move also appears to be more than a low-volume fakeout or fluke, as the volume during the breakdown is in line with previous sell-offs.

The RSI is also moving toward oversold territory, though not sufficiently to ensure an immediate recovery. If SHIB fails to quickly recover the compromised support, the next logical target could be the $0.00001050 zone, which has not been tested since October 2023. Additionally, psychological zones such as $0.00001000 could be activated, further undermining confidence.

When this critical threshold is crossed, it affects sentiment in addition to technical structure. Support for SHIB, which relies on speculative interest and community enthusiasm, could diminish unless bulls quickly regain control.

Dogecoin is entering a critical breakdown phase as the meme coin struggles to hold onto key support levels, indicating the beginning of broader bearish momentum.

The price of DOGE is currently trading at about $0.164, breaking through the $0.183 zone, a historically important level that served as the launching pad for bullish moves and brief rallies in the past.

This most recent decline signals a structural breakdown in DOGE’s price action rather than a mere brief dip. Following several failed attempts to rise back above the 26 EMA, Dogecoin has been displaying consistent lower highs and lower lows, signaling the start of what could be a protracted bearish cycle.

The 50, 100 and 200 EMAs, as well as all other major moving averages, are sloping downward, indicating a major trend shift. Volume patterns also dispel hopes for a quick recovery as they show that sell pressure increases with each lower move. Momentum indicators like the RSI are approaching oversold conditions, making it unlikely that there will be a relief rally at this stage as the market remains largely risk-off.

The next line of defense is a slide toward the $0.15 level, which is the danger at this point. If that breaks, then a steeper correction toward $0.12, a level not seen since late 2023, could quickly follow.

DOGE’s decline below $0.183 marks a psychological turning point. The fact that it is now resistance after being a zone of confidence and accumulation shows how the market’s conviction has shifted. Unless a powerful catalyst sparks interest in the meme coin again, Dogecoin looks set for more losses in the near term.

Relying on historical data from TradingView, Benzinga attempts to highlight trends and noteworthy observations. Such analyses are not investment advice.