The most recent price action for Shiba Inu has drastically declined. Following what appeared to be a textbook recovery, SHIB was brutally denied at the resistance level of $0.0000125 ,which was previously recognized as a critical short-term breakout point. The asset’s vulnerability in current market conditions was revealed by the rejection at this level, which also erased days of cautious gains.
What could have been a bullish reversal on the daily chart was completely destroyed by the rejection, which occurred almost exactly at the 50 EMA. SHIB is currently trading at about $0.0000121, down almost 3% for the day, and the market momentum has all but vanished. SHIB had just broken above its local support at $0.0000118, attempted to retest important EMAs from below and even displayed indications of growing buying pressure — which makes the technical setup leading up to this breakdown particularly harmful.
The failure was confirmed when the volume collapsed again, indicating that the pressure was insufficient to overcome the layered resistance. Range-bound consolidation between $0.0000114 and $0.0000122 is the most likely short-term result. The RSI has fallen to 45, suggesting that there is neither overbought pressure nor significant strength supporting buyers at the moment.
The $0.0000105 zone, which was the starting point for the most recent significant move, might be the next stop if SHIB is unable to hold the $0.0000114 support line. Conversely SHIB needs a clear break above $0.0000126 —preferably with volume — in order to regain any upward credibility.
Ethereum falls
Ethereum‘s recent decline from the $3,700 mark is certainly unexpected, but the situation is not as dire as it might seem. Following a spectacular rally that saw ETH rise more than 35% in a few weeks, the asset encountered resistance just below the $3,700 mark. Today’s candle shows another decline down more than 2% with the price currently trading close to $3,640. The rejection formed a short-term descending trendline.
From a technical standpoint, this is certainly a correction. Luckily, there is not any actual bearish volume to support it. Throughout this retracement, volume has been continuously dropping, and the red candle that is forming today is a result of low participation. This is crucial because volume spikes — which are usually present during strong bearish reversals — are not occurring at this time.
You Might Also Like
Additionally, ETH is cooling off without entering oversold territory, indicating that the selling pressure is weak, as indicated by the RSI remaining above 57. This decline appears to be a healthy cooldown rather than a trend reversal due to the shallow volume profile. The price of ETH may rise rapidly if buyers intervene close to the 20 EMA, which is approximately $3,600, particularly if the overall state of the market stabilizes.
The subsequent push could easily bring ETH back to retest $3,700, this time with momentum, if it is able to break the descending resistance line. The 50 and 100 EMAs are located at the $3,300 and $3,100 levels, respectively, and should the 20 EMA fail as support, attention will turn there.
Dogecoin gets ready
There is no doubt that a break below $0.20 is imminent based on the price action of Dogecoin. DOGE has been steadily declining since reaching a high of about $0.29 in mid-July. The 50 EMA and 200 EMA clustered together at about $0.213, the most recent rejection creating a confluence of resistance that DOGE was unable to overcome.
The market’s reluctance to support DOGE at these higher levels is confirmed by today’s 3% decline. This is evident on the chart: declining volume, lower highs and a waning RSI momentum (now at 51) all suggest that DOGE is struggling. Not just technical noise, a decline below $0.20 would indicate the breakdown of a short-term support level and turn the psychological round number into resistance.
You Might Also Like
The next support is at $0.19 (100 EMA), and a stronger demand zone will be near $0.175 if DOGE drops $0.20 decisively. A move into that area seems very likely given the bounce attempt’s lack of volume commitment.
Waiting for a confirmed base to form before reentering the market is preferable if DOGE loses $0.20 and closes below it on the daily chart. Before acting, traders should wait for confirmation from the RSI dropping into oversold territory with a bounce or reversal candle. This market structure lacks the hype that DOGE has demonstrated can cause it to blow up. Expecting a continuous bleed is the more realistic course of action until sentiment changes or volume spikes in support.
