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The last few days on the cryptocurrency market have not been as prosperous for crypto enthusiasts as is commonly believed. Let's face it, the last few weeks have been pretty tough, full of pain, controversy, doubt and, of course, fear and greed.
Just take a look at Shiba Inu (SHIB). What other coin can represent the situation on the alternative side of the crypto market, in other words, everything that is not Bitcoin (BTC)?
Vladislav SopovSince February, SHIB has lost 34.69% of its price, going from as high as $0.00001894 to as low as $0.00001238. Things look so bad for the Shiba Inu coin that even its most vocal supporters took a break and literally disappeared from social networks' radar.
Amid this, the main concern that may further worsen the mental health of SHIB holders is whether the token will experience another dip and eventually fall below $0.00001, adding another "0" to its price. As it seems, at least this bad outcome may not come true for the popular meme-inspired cryptocurrency.
Is it that bad for Shiba Inu (SHIB)?
First of all, SHIB had already made an attempt to break below this coveted price level. Just last week, the price of the meme-inspired coin touched $0.00001082 and successfully activated bull traders, who then pushed the price up 26% to $0.0000138.
However, there they ran out of fuel, and in the next three days, SHIB gave back 10% of this growth to the market. Now there are two things for Shiba Inu enthusiasts to note. The first is that $0.00001 is still a major support for the meme coin.
Arman ShirinyanThe second is that SHIB failed to hold above the middle band of the Bollinger Bands indicator and is likely going down to the lower band to test buyers there. The good news is that the lower band is currently at $0.00001123 on the daily time frame.
In summary, both the market and unbiased indicators do not suggest that the price of SHIB could fall below $0.00001. This gives some hope to SHIB, but everything can change in a matter of hours.
Vladislav Sopov
Dan Burgin