The price of Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently come under a lot of selling pressure, dropping over 6.1% in the past 24 hours. Right now, SHIB is trading at $0.0000164, which is close to the low it hit in late October.

This is a big deal because its breaking below its 50-day moving average on the daily price chart and dropping below this band, which is a key indicator for traders looking to gauge short-term trends, has caught the attention of investors. This level had not been breached since June, so this is the first dip below it in five months.