Is Shiba Inu (SHIB) on Verge of Catastrophe?
Shiba Inu is currently one step away from a
potential catastrophe, as it faces potential
selling pressure that could theoretically
push it below $0.00001. The asset has recently landed on a strong support level
at $0.000021, as indicated by the blue line on the chart. This level is crucial for Shiba Inu's short-term stability, and any breach below could intensify selling pressure.
Currently, the 100-day Exponential Moving Average is playing a pivotal role in providing support to the price. This technical indicator often acts as a psychological barrier for traders and can either bolster buying confidence or, if broken, lead to increased selling. If Shiba Inu's price falls below this EMA, it will encounter the next major support at the 200-day EMA.
Unfortunately, if the price breaks down
below the 200-day EMA, the next
significant level of support is notably lower, below $0.00001. Such a move would
practically negate the uptrend Shiba Inu
has enjoyed throughout 2024, possibly resetting market expectations and investor sentiment around the asset.
In terms of resistance, Shiba Inu faces immediate barriers at $0.0000228 and $0.0000245. These levels represent short- term goals for the asset to reclaim to sustain its bullish momentum. Overcoming these could push the asset back into bullish territory and rekindle investor interest, potentially leading to a price surge. It would also mark the recovery of the cryptocurrency market in general.
Looking ahead, the future of Shiba Inu is tied to its ability to maintain above these critical support levels. A sustained breakdown below $0.000021 could trigger a cascade of selling, weakening recent gains and aggravating the sentiment surrounding the meme coin.
Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
