Shiba Inu (SHIB) plummeted 8.38%, shaking its long-held support level, currently hovering on the edge. Although buyers managed to push it back above that area, SHIB's price trajectory remains uncertain, with traders eyeing decisive actions.
Bitcoin leads the decline, with the cryptocurrency market suffering a $161 billion blow.
As the new week begins, cryptocurrency prices have fallen, ending a series of increases since November.
When we look at these numbers, we find that the entire cryptocurrency market lost $161.38 billion at the worst point in the fall. Bitcoin (BTC) dropped six figures and is currently trading at $99,000, accounting for over 60% of the losses.
Altcoins have been hit even harder, with several reaching critical support levels, and if these support levels are broken, it may temporarily suppress their growth potential.
Specifically, the meme-based cryptocurrency Shiba Inu (SHIB), which has been popular since early December, has dropped 8.38% from its peak, briefly falling below the significant support area of $0.00002948.
Shiba Inu price rebounds from critical support area.
Nevertheless, buyers have shown a willingness to remain optimistic, pushing SHIB's price back above the support level, allowing the token to maintain the positive bias formed in early November.
However, the current situation is unstable, and changes of a few percentage points in the value of the Shiba Inu token can affect investors' perceptions of the asset.
Currently, SHIB offers only two possible configurations. First, if the Shiba Inu token price remains at this level, U.Today's stock price today may replicate the meme cryptocurrency's victory in March, when it reached $0.00004567.
Future prospects for Shiba Inu: New highs or painful declines.
Given that the current price is $0.00008845, the future outlook is brighter, and it may even reach new historical highs.
Another possibility is that SHIB could break through the critical support level. Just like in March, if this happens, the meme cryptocurrency could plunge to $0.000024.
