The canine-inspired digital currency, Shiba Inu (SHIB), has dipped down to approximately 0.00002 dollars as a result of the ongoing crypto market downturn, sparking curiosity about potential future developments for this cryptocurrency.
During the early trading hours on Monday, the cryptocurrency market experienced a substantial drop, causing Bitcoin’s price to plunge close to levels not seen for nearly two months. As investors shifted away from riskier holdings, this sell-off occurred.
As reported by CoinGlass, this recent sell-off triggered approximately $544 million worth of liquidations. Various cryptocurrencies experienced substantial losses, reaching up to a staggering 10% in some cases.
On Monday morning, Shiba Inu experienced a downturn and dropped down to $0.00001995, further lowering from its peak of $0.0000222 on Sunday.
Based on IntoTheBlock’s data, Shiba Inu‘s (SHIB) potential support levels might halt its price drop and encourage stability. On the flip side, optimistic traders are keeping an eye on possible resistance levels that could be triggered if the market recovers.
Potential scenarios
In the present market turmoil, it’s worth noting that Shiba Inu’s key support level is estimated to be between $0.000014 and $0.000019. According to IntoTheBlock, approximately 531.54 trillion SHIB tokens are controlled by around 131,550 addresses within this price range.
According to IntoTheBlock’s analysis, this significant group indicates robust holders who might be unwilling to sell at these lower prices. Their resistance to selling could generate buying demand, thereby hindering Shiba Inu (SHIB) from experiencing a more substantial drop.
Conversely, should the broader cryptocurrency market keep falling, Shiba Inu (SHIB) could drop below its current support levels, with a significant drop potentially pushing it below $0.000019. Under such circumstances, the price at $0.000014 might serve as a crucial defensive line.
If Shiba Inu’s price remains stable around $0.00002, optimistic investors could potentially gather their strength for an uptrend towards $0.00025, which is close to the Daily Simple Moving Average (SMA) 50.
As reported by IntoTheBlock, potential resistance zones can be found between $0.000021 and $0.000022. In this area, approximately 82.75 trillion SHIB tokens are controlled by around 65,500 wallets. This region could serve as a selling point for those aiming to cash out their gains, which might slow or limit the upward momentum of any recovery rally.
It’s still possible for the price of Shiba Inu to keep fluctuating between its 50-day and 200-day moving averages, which are currently at approximately $0.00002499 and $0.00001895 respectively.
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2025-01-13 18:32