Shiba Inu (SHIB) plunged 8.38%, shaking its long-held support level, currently hovering on a razor's edge. Although buyers managed to push it back above that area, the price trajectory of SHIB remains uncertain as traders look to take decisive action.
Bitcoin leads the decline, with the cryptocurrency market suffering a blow of $161 billion.
As a new week begins, cryptocurrency prices are falling, 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 its worst in the fall. Bitcoin (BTC) fell by six figures and is currently trading at $99,000, accounting for more than 60% of the losses.
More severely hit are altcoins, several of which have reached critical support levels; if these levels are breached, it could temporarily suppress their growth potential.
Specifically, the meme-based cryptocurrency Shiba Inu (SHIB), which has been popular since early December, has fallen 8.38% from its peak at the beginning of the month, briefly dipping below the important support area of $0.00002948.
Shiba Inu price rebounds from key support area
Nevertheless, buyers have shown a willingness to buy, pushing the price of SHIB back above the support level, allowing the token to maintain the positive bias formed in early November.
However, the current situation is unstable, and a change of a few percentage points in the value of the Shiba Inu token can affect investors' perception of the asset.
Currently, SHIB only offers two possible scenarios. First, if the price of the Shiba Inu token holds at this level, today's U.Today stock price may replicate the victory of the meme cryptocurrency in March when it reached $0.00004567.
The future outlook for Shiba Inu: new highs or painful declines?
Given the current price of $0.00008845, the future outlook is brighter, and it may even set a new all-time high.
Another possibility is that SHIB may break through key support levels. Just like in March, if this happens, the meme cryptocurrency could plummet to $0.000024.
