As an experienced financial analyst, I have closely observed the cryptocurrency market, particularly Shiba Inu (SHIB), over the past few years. The current situation for SHIB is concerning, as it hovers precariously above potential selling pressure that could push it below $0.00001.
Shiba Inu hovers near disaster territory with the real possibility of falling below $0.00001 due to impending sell-offs. The support line at $0.000021, marked by the blue line on the graph, plays a significant role in its current resilience. Should this support be broken, selling pressure could significantly intensify and potentially push Shiba Inu’s value even lower.
At present, the 100-day Exponential Moving Average significantly influences Shiba Inu’s price by acting as a critical support level. This technical benchmark functions as a psychological threshold for traders, potentially boosting their buying conviction or triggering heightened selling if breached. Should Shiba Inu’s price drop beneath this EMA, the next significant support would be the 200-day Exponential Moving Average.
Regrettably, should the price dip beneath the 200-day moving average, the next substantial level of support lies significantly lower, around $0.00001. This downward shift would substantially undermine Shiba Inu‘s bullish trend that flourished in 2024, potentially altering market predictions and investor attitudes toward this asset.
As an analyst, I’d identify two significant resistance levels for Shiba Inu in the near term: $0.0000228 and $0.0000245. Overcoming these hurdles is crucial for the asset to regain its bullish trend and attract renewed investor attention. Conquering these levels could re-establish the asset’s upward trajectory, potentially igniting a substantial price increase. Moreover, surpassing these resistance levels would be an encouraging sign for the overall cryptocurrency market recovery.
Moving forward, the Shiba Inu token’s future depends on its capacity to surpass crucial support thresholds. If it fails to do so and slips below $0.000021, a wave of selling could ensue, potentially reversing recent advances and intensifying negative market sentiment towards this meme currency.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- USD ZAR PREDICTION
- ENA PREDICTION. ENA cryptocurrency
- Top gainers and losers
- ZRX PREDICTION. ZRX cryptocurrency
2024-05-01 17:14