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Shiba Inu saw a price drop alongside the rest of the crypto markets, now trading at a price point that commands attention on the market: $0.0000666.
Numbers such as 666 often draw attention on the market; for instance, Bitcoin's 666,666th block was noticed, in which a rare and symbolic message was embedded, a biblical verse: "Do not be overcome by evil, but overcome evil with good."
Some believe 666 represents life because carbon, the element that forms the basis of life, has 6 protons, 6 neutrons and 6 electrons.
For Shiba Inu hitting the $0.00000666 price point, the significance goes beyond the numbers 666, but from more of a technical perspective.
Following the recent crash on the market that wiped out hundreds of millions of dollars in crypto positions, Shiba Inu finds itself trading in a price range that preceded its rise in late 2023. The $0.00000666 price point forms part of this support range, with the crypto community now watching for what comes next.
Shiba Inu started rising from a low of $0.0000066 in October 2023. The rally was sustained in the months that followed, with Shiba Inu reaching a high of $0.00004575 in March 2024, representing a 593% increase.
SHIB in red as market drops
Shiba Inu fell for five days at a stretch, reaching a low of $0.00000616, last seen in October 2023 — at one point during the drop.
The drop follows a broader decline on the market, which has persisted in recent weeks.
The crypto market extended its sell-off over the weekend, with $825.51 million in leveraged positions wiped out in the last 24 hours, according to CoinGlass data.
Shiba Inu has dropped since Jan. 5 high of $0.00001008, with RSI indicators now near oversold levels at 30, hinting at the possibility of a relief rally in the coming sessions.
In the event of a rebound, Shiba Inu might target $0.00000785, $0.00001008 and then $0.00001047. Support lies next at $0.0000055 if the declines continue.
Tomiwabold Olajide
Yuri Molchan
Gamza Khanzadaev
Godfrey Benjamin