The past few days have been the worst for Shiba Inu (SHIB). After a series of massive long position liquidations, the price of this popular meme-inspired cryptocurrency failed to return to the key support level of around $0.0000283 per SHIB, and after breaking below this level on both the daily and weekly charts, it continued to decline during today's trading session.
Now, Shiba Inu (SHIB) enthusiasts and cryptocurrency market participants are generally wondering—how low must the SHIB price drop to end this pain?
So far, few have been able to predict the exact answer. Given the volatility and unpredictability of the cryptocurrency market, this is a thankless task—more accurately described with the word 'devastation.' Some tools can at least provide a rough guide.
Currently, the price of Shiba Inu (SHIB) is below the moving average, which means it is leaning towards a lower range, with a daily price of $0.00002438 per SHIB, nearly 10% lower than the current level.
Although deviations may occur within this range, we can assume that the price of Shiba Inu (SHIB) will find its local bottom in this area. Alternatively, investment decisions regarding the meme cryptocurrency will be made more consciously. The scenario of Shiba Inu (SHIB) falling to the lower Bollinger Band will be offset by its return above the moving average (i.e., rising more than 6.6% above the current level).