Cover image via U.Today

Shiba Inu (SHIB) has broken through a key annual support level, raising concerns about a continued decline. Trading below $0.00001230, a crucial support zone holding since mid-2023, SHIB has repeatedly tested this level in the past year, using it as a springboard for rallies. This breakdown risks turning this support into resistance. Longer-term moving averages (100 and 200 EMA) remain above the current price, reinforcing the bearish trend, while the 26 EMA has turned downward, highlighting short-term bearish pressure. The volume during this breakdown is consistent with previous sell-offs, suggesting it's not a temporary fluctuation.

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