Is Shiba Inu (SHIB) on the brink of catastrophe?

Is Shiba Inu (SHIB) on the brink of catastrophe?

Shiba Inu is currently one step away from a potential catastrophe as it faces potential selling pressure that could theoretically push it below $0.00001. The asset has recently landed at a strong support level of $0.000021, as indicated by the blue line on the chart. This level is crucial for Shiba Inu’s near-term stability, and any breach below could intensify selling pressure.

Shiba Inu is currently one step away from a potential catastrophe as it faces potential selling pressure that could theoretically push it below $0.00001. The asset has recently landed at a strong support level of $0.000021, as indicated by the blue line on the chart. This level is crucial for Shiba Inu’s near-term stability, and any breach below could intensify selling pressure.

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Currently, the 100-day exponential moving average is playing a crucial role in providing support to the price. This technical indicator often acts as a psychological barrier for traders and can reinforce buying confidence or, if broken, lead to increased sales. If Shiba Inu price falls below this EMA, it will find the next major support at the 200-day EMA.

SHIBUSDT
SHIB/USDT chart by TradingView

Unfortunately, if the price falls below the 200-day EMA, the next significant support level is noticeably lower, below $0.00001. Such a move would all but nullify the bullish trend that Shiba Inu has enjoyed throughout 2024, possibly resetting market expectations and investor sentiment around the asset.

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In terms of resistance, Shiba Inu faces immediate barriers at $0.0000228 and $0.0000245. These levels represent short-term targets that the asset must recover to maintain its bullish momentum. Overcoming them could push the asset back into bullish territory and reignite investor interest, which could lead to a price surge. It would also mark the recovery of the cryptocurrency market in general.

Looking ahead, Shiba Inu’s future is tied to its ability to stay above these critical support levels. A sustained drop below $0.000021 could trigger a cascade of selling, weakening recent gains and aggravating sentiment surrounding the meme coin.

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