Shiba Inu Make-or-Break Level: Add Extra Zero or Reverse Higher

Dog-themed cryptocurrency Shiba Inu has reached a make-or-break level where two potential scenarios exist: add a zero or reverse higher.

The crypto market fell lower early Tuesday after a historic round of liquidations triggered a sharp sell-off over the weekend, as trade tensions weighed on risk assets.

The digital asset market briefly rebounded to pare losses on Monday, but most major cryptocurrencies, including Shiba Inu, have now resumed their descent.

In the last 24 hours, $662 million have been liquidated across crypto assets, according to CoinGlass data. The majority of this figure, $447 million, accounted for long positions, which anticipated prices to go higher, while shorts amounted to $188 million.

Earlier, about $19 billion of leveraged crypto positions were liquidated following a brutal sell-off on Oct. 10.

Shiba Inu was trading lower in line with the crypto market drop, reaching a make-or-break level crucial for its short term price action.

Shiba Inu's make-or-break level: Two potential scenarios

At press time, SHIB was trading down 4.95% in the last 24 hours to $0.00001041 and down 18% weekly.

SHIB's current price point represents a make-or-break level for Shiba Inu, as a further drop might cause it to add an extra zero to its price, potentially targeting $0.00000959 or even the $0.0000085 price floor set during Oct. 10 crash.

Bears' attempt to add an extra zero to the SHIB price failed today, with Shiba Inu still holding strong at the support at $0.0000102.

If bulls do not give up ground, confirming $0.00001 as short-term support, and buying pressure returns to the market, Shiba Inu might reverse higher.

The next resistance levels lie at the daily moving averages 50 and 200 at $0.0000123 and $0.00001286, which might begin a fresh move for the Shiba Inu price.