- SHIB is now legal tender for El Salvador’s government services, expanding its global use with adoption by airlines and real estate firms.
- SHIB price decline continues, testing key support at $0.00002066; a break could lead to further bearish moves toward $0.00001877.
- Reduced volatility and RSI near oversold levels signal potential consolidation with Bollinger Bands for breakout direction.
Shiba Inu is now recognized as a legal tender for specific government services in El Salvador, according to WhalesHQ. This follows the country’s adoption of Bitcoin, further expanding crypto integration into public services.
Price Declines
At press time, SHIB trades at $0.00002067, a 3.43% dip in the last day. As per data from CryptoRank, SHIB is in a bearish trend. A descending triangle pattern, shown by a downward trendline and horizontal support near $0.00002057, suggests potential for further declines if support fails.
Fib retracement levels show crucial price zones for $SHIB, with immediate support at 0.236 ($0.00001877) being important. Resistance at 0.5 ($0.00002214) and 0.618 ($0.00002481) are the barriers for upward movement.
The MACD indicates bearish momentum, with both MACD and signal lines below zero. Red histogram bars further show growing selling pressure. Additionally, reduced trading volume suggests diminishing buyer interest, emphasizing the bearish outlook.
Bollinger Bands and RSI Signal Consolidation
On a four-hour timeframe, SHIB shows reduced volatility while Bollinger Bands show contraction, suggesting a potential breakout. The price is testing the lower band near $0.00002066, indicating oversold levels.
The RSI at 38.19 emphasizes weak buyer strength, with the RSI below the neutral 50 level. Failed attempts to breach this level align with ongoing bearish sentiment.
Meanwhile, volume shows a decline, with occasional spikes reflecting short-term speculative interest rather than sustained buying activity.
Global Acceptance Expands for Shiba Inu
According to WhalesHQ, a European airline and a Dubai real estate firm have started accepting SHIB for ticket purchases and property transactions, respectively. These show SHIB’s increasing adoption across different markets.
Despite these positives, the token faces immediate support at $0.00002066 and stronger psychological levels near $0.00002000. SHIB is at bearish levels and its performance will depend on market participation and its ability to sustain key support levels.
