During the month of February, the Shiba Inu coin experienced a consolidation period, during which a descending triangle pattern emerged. The price plummeted all the way down to a 0.786 Fibonacci retracement level.
#ShibaINU (SHIB) has experienced a significant drop of over 10.00%, leading to a test below the $0.00001000 support level. While there may be a potential for a corrective increase, it is important to note that any upward movement may be restricted above the $0.000012000 threshold.
The price of SHIB has encountered a significant obstacle in its upward trajectory, as it failed to surpass the resistance zone of $0.000012000. This has led to a surge in selling interest, causing a decline below the crucial support zone of $0.000010800.
The value of SHIB has plummeted by over 10%, resulting in a sharp decline towards the $0.000010000 support level. In fact, the price even dipped below this critical support zone, creating a new monthly low of approximately $0.000009648. Currently, the price is consolidating its losses and hovering around the $0.000009950 level. It's worth noting that SHIB is now trading below $0.000010000 and the 21 hourly simple moving average.
According to #priceanalysis , On the upside, there is an immediate hurdle at the $0.000010200 level. The first major hurdle lies near $0.000010600, which, if broken, could potentially spark an upward surge in the price. If the token sustains above $0.000010600, the price could reach as high as $0.000011200. Further advances could then propel the price to the $0.000011800 barrier.
If SHIBA fails to break above the $0.000010200 barrier, it may continue to decline. On the downside, the major support level is at $0.000009600. If the price falls below $0.000009600, selling pressure could intensify, potentially pushing SHIBA towards the $0.000009200 support zone in the near term. In the aforementioned scenario, the price of Shiba may fall in the short future towards the $0.000008500-$0.000008000 support zone.
KEY LEVELS :
RESISTANCE LEVEL : $0.000010200-$0.000010600
SUPPORT LEVEL : $0.000009500-$0.000009200
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
