Shiba Inu (SHIB) Price on Verge of Breakout or Breakdown: What Might Be Next?

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As a seasoned crypto investor with battle-tested nerves and a well-stocked portfolio, I find myself standing at the precipice of both excitement and apprehension as I observe the current market dynamics. The recent correction has sent ripples across the digital asset landscape, with Bitcoin’s dip to $99,000 being particularly noteworthy. However, it is the plight of altcoins that truly piques my interest.

This week in the cryptocurrency market started with a drop in prices. After a prolonged period of increase since November, digital assets experienced a correction. Upon closer examination, it’s evident that the overall crypto market value decreased by approximately $161.38 billion at its lowest point, with over 60% of this loss attributed to Bitcoin (BTC), which fell significantly and is currently being traded at around $99,000.

The drop in altcoins was even more severe, pushing some of them close to critical support points. If these supports break, it might raise questions about their potential growth, at least for the immediate future. For instance, the well-known meme-based cryptocurrency Shiba Inu (SHIB) dipped 8.38% from its daily opening price at its highest point, and briefly dropped below a significant support area it had maintained since early December.

Despite initial uncertainty, buyers demonstrated their optimistic intentions by pushing the SHIB price above its supporting level once more. This action helps the token preserve its generally bullish sentiment that has been in place since early November.

Currently, the situation is still fragile, and the value of the Shiba Inu coin hangs in a precarious balance. Even small percentage changes could significantly impact investors’ sentiments about this particular asset.

Possible scenarios for Shiba Inu (SHIB)

Currently, there are just two possible outcomes for SHIB:

Another scenario is if SHIB finally breaks a major support level. In this case, the meme cryptocurrency may suffer a painful fall to $0.000024, as it happened in March.

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2024-12-09 18:46