Shiba Inu now trades at the $0.000015 price level, which is the support of the "last resort," and there is a real possibility of an aggravation. We might even see Shiba Inu adding another zero to its price if $0.00001 does not hold.
Recent pressure on Shiba Inu has been substantial, reflecting the decline on the cryptocurrency market as a whole. Right now, the asset is trading near the crucial support level at $0.00001541. The 50 EMA at $0.00002179, the 100 EMA at $0.00002131 and the 200 EMA at $0.00001944, which collectively indicate a bearish trend, are the key moving averages that SHIB is trading below, according to technical indicators.
SHIB/USDT Chart by TradingView
SHIB is in oversold territory according to the RSI at 26, but this might not be enough to stop further declines. For SHIB, the $0.000015 level is critical. The next key level to keep an eye on is $0.00001 if this support breaks. If SHIB breaks below this barrier it might add another zero to its price, dealing a serious psychological blow to investors and possibly increasing selling pressure.
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According to the token summary, 48% of holders are profitable at the current price, compared to 49%, who are not. Such a rate mostly suggests that uncertainty is what currently prevails on the market, and the situation is unlikely to change in the foreseeable future.
Shiba Inu's ability to maintain the $0.000015 support level will determine its fate. Failure to maintain this level might cause SHIB's price to drop precipitously and possibly add another zero. Investors should keep a close eye on Bitcoin's performance as well as more general market trends, as they seem to impact SHIB's performance substantially.