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Shiba Inu (SHIB) treaded closely to losing the key $0.000010 level on Oct. 18, as it dipped to as low as $0.00001007. At the time of publication, SHIB was changing hands at $0.00001016, down 2.30% in the last 24 hours. A further drop from the current level might mean an extra zero added to SHIB’s price as it might test the $0.000009 level, with the October 13 low of $0.0000092 in view.
A year ago, the story was different as SHIB resolved a bullish pennant which culminated in an all-time high of $0.000088 on Oct 28, 2021.
The year 2022 has been a tough one for global markets across the board amid a widespread meltdown. With the crypto market in need of new buyers, Gokhstein believes that meme cryptocurrencies such as SHIB might ultimately attract new retail buyers into the market owing to their cheap valuations.
Here is what might come next
In the last three days, SHIB attempted a bounce off of $0.000010, but bulls only managed to touch an intraday high of $0.0000104 before retreating. The price is stuck at the $0.000010 range, which might suggest traders are in no hurry to buy while waiting for a clear signal on the markets.
The daily moving averages (MA) are sloping downwards and the RSI remains in the negative zone, suggesting an edge to sellers. If the SHIB price loses the key $0.000010 level, the $0.0000092 level might come next. In the event of sharp declines, SHIB might drop to June lows of $0.00000712.
Alternatively, if buyers take the reins and drive the price once again above the daily MA 50 at $0.0000113, SHIB might reach the $0.000012 level before testing the barrier at $0.0000139. A breach above this barrier might suggest the emergence of buyers, which might result in a retest of the $0.000018 level.