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.
Dog-themed cryptocurrency Shiba Inu (SHIB) is at a decisive juncture, and a breakdown below a key support could lead to a major decline, potentially adding another zero to its price tag.
At the time of writing, SHIB was down 6.44% in the last 24 hours to $0.00001387 after dropping to lows of $0.000013.
Arman ShirinyanAccording to data from IntoTheBlock, Shiba Inu is sitting on crucial support, where 77 trillion SHIB tokens were bought at an average price of $0.00001. If SHIB fails to hold this level, increased selling pressure could push its price lower, adding another zero to its price tag.
Shiba Inu is currently hovering near a critical price floor near $0.000013 that acted as strong support way back in September 2024. The popular dog coin is battling to hold above this crucial level amid the ongoing market sell-off, raising concerns about its short-term price trajectory.
Broader crypto market volatility and weak momentum could contribute to further downside for Shiba Inu in the coming days. For SHIB to avoid a further sell-off, bulls must defend this crucial support level and regain upward momentum.
Crypto market faces sell-off
Shiba Inu fell sharply in late Monday trading, mirroring the rest of the crypto market, and the sell-off continued into the early Tuesday session. Bitcoin dipped below $90,000 overnight, aided by selling pressure in equities as the crypto market awaits its next bullish catalyst.
Tomiwabold OlajideOther cryptocurrencies fared worse, with the entire crypto market capitalization dropping roughly 8%. According to CoinGlass statistics, more than $1.38 billion in bullish crypto positions were liquidated from futures markets in the last 24 hours.
In the following days, all eyes will be watching where SHIB price trends next; an additional drop might add another zero to its price, while a definitive break above the daily SMA 50 and 200 around $0.0000182 and $0.0000192 would be the first show of strength for the bulls.
Dan Burgin
Vladislav Sopov