Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A crucial support level was recently lost by Shiba Inu, and the future of the well-known meme coin appears bleak. Now that the price of SHIB has fallen below the critical $0.000012 threshold, the asset may be about to take a disastrous turn. The token could either attempt an immediate recovery or continue to decline, which could remove a decimal from its price as bearish pressure increases.
SHIB has been progressively falling over the last few weeks as short-term moving averages have been driving it lower. The collapse of the $0.000012 level has validated the widespread concern that there is insufficient buying support to keep the asset's price stable. SHIB is now in a very precarious situation as a result. The next significant support level is located at $0.000009; if bulls do not intervene, investors would suffer a severe technical and psychological setback.
Though current market conditions indicate a lack of momentum, SHIB has historically relied on strong community and speculative support. Unfrotunately, it seems like both of these important factors are long gone. The meme coin market is already having difficulties, and SHIB's capacity to bounce back is coming under increasing scrutiny due to rapidly falling on-chain activity. If Shiba Inu keeps declining, it could be disastrous to lose the $0.000010 mark.
Gamza KhanzadaevFor bullish investors, a decline to $0.000009 would represent a technical and symbolic catastrophe — a loss of a zero in its price. It would essentially wipe out months of gains and send SHIB into an extended bear market cycle, which would make recovery considerably more difficult.
Godfrey BenjaminHowever, there is still hope. A relief rally may develop if SHIB is able to maintain its position above $0.000009 and buyers intervene forcefully. The token would then have an opportunity to recover lost levels. However, given the current momentum, there is still a greater chance of a more significant decline. To prevent a free fall, SHIB needs to recover $0.000012 in the upcoming days.
Dan Burgin
Vladislav Sopov