According to U.Today, Shiba Inu's recent price plunge has left the cryptocurrency in a precarious state. However, the volatile nature of the cryptocurrency market suggests a potential turnaround. The key price levels to watch for a possible reversal are $0.000018, $0.000015, and $0.0000096.
The first crucial level for Shiba Inu to reclaim is $0.000018. This level has historically served as both resistance and support, and the cryptocurrency's current consolidation at this level is a positive sign. The 100 EMA, a level that has proven to be a reliable support for Shiba Inu, particularly on a weekly chart, is found at $0.000015. The asset's performance may stabilize if it rises above these thresholds. To prevent further losses, any bullish momentum must be maintained above this level.
The final significant long-term support level is $0.0000096. This level serves as both a psychological barrier and a historical support threshold. Despite the fact that a dip to this level would indicate a significant retreat from recent highs, long-term investors and those not yet exposed to Shiba Inu may find this an opportune time to buy. If the price bounces off this level, there's a good chance of a significant price reversal and a strong accumulation phase.
The recent decline has pushed Shiba Inu into oversold territory, as indicated by the RSI falling below 40 on the daily and weekly charts. This is the first sign of a potential reversal. The price movement on the SHIB/USDT charts underscores the importance of these levels.