Shiba Inu was on the verge of losing an important support level that held it before the catastrophe at the $0.00002 price level. However, it did not maintain the selling pressure, opening a path towards $0.00001 for Shiba Inu. Unfortunately, things are unlikely to change in the foreseeable future.
Shiba Inu was on the verge of losing an important support level that held it before the catastrophe at the $0.00002 price level. However, it did not maintain the selling pressure, opening a path towards $0.00001 for Shiba Inu. Unfortunately, things are unlikely to change in the foreseeable future.
The first chart on a daily time frame illustrates the sharp drop that occurred when SHIB broke through the $0.00002 support level. The price is now falling further due to the strong selling pressure created by this breakout.
Although SHIB is currently in oversold territory according to the RSI, the downward momentum may still continue. Two crucial zones where a possible reversal can occur are $0.000015 and $0.00001.
Alex DovbnyaThese psychological levels could serve as a bridge that offers momentum and a break from the constant selling pressure. This is a critical point where buyers may intervene in an attempt to catch the falling knife.
The $0.00001 level is also very important. This threshold could offer more reliable support if SHIB continues to fall. These types of round numbers have historically attracted buying interest and could provide a stronger foundation for a rally.
Multi-month low: At the beginning of this year, the last significant level is at multi-month lows. A crucial test of SHIB’s resistance would be if it breaks above the $0.00001 support and heads towards these lows.
The second chart, displayed weekly, provides a more complete view of SHIB price action. It shows the main resistance found at the $0.00002 level while highlighting the long-term support levels and the overall trend. A reversal may not occur immediately based on the weekly RSI indication of oversold conditions and the current bearish sentiment in the market.
