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On November 9, Shiba Inu (SHIB) continued to face heavy selling pressure, falling below the important psychological level of $0.00000500 and further to around $0.00000447. This move reflects growing bearish sentiment in the market and means bulls may face an even tougher test in the near term.
Technically, SHIB is currently trading below the daily 200-day moving average, which is around $0.00000545, indicating that the overall trend remains weak. In addition, the Relative Strength Index (RSI) is gradually approaching oversold territory. While this could create conditions for a short-term rebound, it does not mean that a bottom has been confirmed.
Currently, $0.00000440 is the first support area to watch. If this level fails, the market may test $0.00000410. If that support is also decisively broken, SHIB could face greater downward pressure and even approach $0.00000400.
On the upside, $0.00000500 to $0.00000530 forms the initial resistance zone. SHIB needs to reclaim this range to gradually improve its short-term technical structure. Until buying interest clearly recovers, investors should remain cautious and closely monitor trading volume and changes in key support levels.$NVDA