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Shiba Inu (SHIB) on Verge of Pivotal Position as It Drops to $0.00002

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Thu, 18/04/2024 - 12:43
Shiba Inu (SHIB) on Verge of Pivotal Position as It Drops to $0.00002
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Hovering around the 100-day Exponential Moving Average (EMA), Shiba Inu is balancing at a critical level where, in case of a breakdown, the token will face enormous selling pressure. Over the last few days, and even weeks, SHIB has been stuck in a pattern of consolidation right at this pivotal point. The behavior of investors right now is crucial.

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The 100 EMA has become a kind of home base for SHIB recently. A breakdown from here, a slip below this level, could lead to substantial losses. 

SHIBUSDT
SHIB/USDT Chart by TradingView

Looking at the chart, it is clear that SHIB is treading on thin ice. If the coin drops below the 100 EMA, the next clear line of support is down at the 200 EMA, which stands even lower, suggesting a potential freefall in price could be in the offing. Luckily, a bounce from the 100 EMA will put Shiba Inu back in an ascending market.

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For growth to occur, SHIB needs to push past a cluster of resistance above, with an eye on the price level around $0.000022, which could be the first checkpoint in a possible upward journey. However, the situation remains problematic, and the appetite for risk among SHIB holders could be tested in the days to come.

Will Shiba Inu stand strong against the tide, or will it crumble under pressure? With the market in such a problematic stage, every move counts, and SHIB’s next step could set the tone for its trajectory in the weeks and months ahead.

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