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With its price falling below the 200 EMA, a crucial support level, Shiba Inu is currently experiencing one of its most critical moments. Due to this action, SHIB has returned to its February 2024 price levels, wiping out months of gains and igniting worries that the asset may drop below $0.00001 and add another zero to its valuation.
With no strong support in the area to stop further losses, SHIB's price action is currently well into bearish territory. The asset is no longer in a bullish cycle, as indicated by the breakdown below the 200 EMA, and the absence of buying pressure raises the possibility of additional downside. SHIB may keep falling toward the psychological level of $0.000010 if it does not bounce back right away. A decline below that would formally add a new zero, putting SHIB in the range of $0.00000999 and possibly indicating a capitulation event.
If SHIB continues to decline, it may retest the lows of 2023, which would be problematic for even long-term holders. Panic-selling could occur if market sentiment continues to be low, further quickening the decline. Even though the outlook is bearish, a recovery is still possible if SHIB is able to regain important levels. Around $0.000012, where SHIB previously found support before collapsing, is the first significant resistance. Bulls may regain confidence and try to push toward $0.000014 if it can close above this level.
Tomiwabold OlajideSHIB may be able to halt its decline with the aid of a significant volume increase and rekindled whale buying interest. But to get SHIB back above the 200 EMA and stop additional losses, there would need to be consistent buying pressure, in addition to a more extensive market recovery.
SHIB is at a pivotal moment. If Shiba Inu does not find support in the near future, it might add another zero, which would be extremely detrimental to overall sentiment on the crypto market. The asset might stabilize and try to recover lost ground, though, if bulls intervene. The course of SHIB's future will be decided in the coming days.
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.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov