Advertisement
AD

Main navigation

Advertisement

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

Advertisement
Thu, 18/04/2024 - 12:43
Shiba Inu (SHIB) on Verge of Pivotal Position as It Drops to $0.00002
Cover image via www.freepik.com

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.

Read U.TODAY on
Google News

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.

Advertisement

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. 

Article image
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.

Related

Advertisement

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.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD