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Is Shiba Inu (SHIB) on Verge of Catastrophe?

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Wed, 1/05/2024 - 14:07
Is Shiba Inu (SHIB) on Verge of Catastrophe?
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Shiba Inu is currently one step away from a potential catastrophe, as it faces potential selling pressure that could theoretically push it below $0.00001. The asset has recently landed on a strong support level at $0.000021, as indicated by the blue line on the chart. This level is crucial for Shiba Inu’s short-term stability, and any breach below could intensify selling pressure.

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Currently, the 100-day Exponential Moving Average is playing a pivotal role in providing support to the price. This technical indicator often acts as a psychological barrier for traders and can either bolster buying confidence or, if broken, lead to increased selling. If Shiba Inu's price falls below this EMA, it will encounter the next major support at the 200-day EMA.

SHIBUSDT
SHIB/USDT Chart by TradingView

Unfortunately, if the price breaks down below the 200-day EMA, the next significant level of support is notably lower, below $0.00001. Such a move would practically negate the uptrend Shiba Inu has enjoyed throughout 2024, possibly resetting market expectations and investor sentiment around the asset.

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In terms of resistance, Shiba Inu faces immediate barriers at $0.0000228 and $0.0000245. These levels represent short-term goals for the asset to reclaim to sustain its bullish momentum. Overcoming these could push the asset back into bullish territory and rekindle investor interest, potentially leading to a price surge. It would also mark the recovery of the cryptocurrency market in general.

Looking ahead, the future of Shiba Inu is tied to its ability to maintain above these critical support levels. A sustained breakdown below $0.000021 could trigger a cascade of selling, weakening recent gains and aggravating the sentiment surrounding the meme coin.

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