As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I have seen my fair share of market fluctuations and trends. The recent reversal of Shiba Inu (SHIB) around the $0.00015 level is a stark reminder that even the most resilient digital coins can falter under the weight of selling pressure.
Following an unsuccessful attempt to surpass a significant price barrier at approximately $0.00015, Shiba Inu has witnessed a substantial price drop. Currently, its price trend is moving towards the $0.000013 mark, raising concerns about potential further declines for SHIB. However, it’s essential to note that despite this downward movement, Shiba Inu remains in a consolidation phase due to reduced selling pressure within the market.
The fact that bulls can’t keep pushing prices beyond $0.000015 indicates they might be losing traction, and a potential drop in SHIB price could follow if there isn’t enough buying enthusiasm. The market is showing signs of uncertainty, as traders seem hesitant and the price action lacks clear directional movement.
Maintaining this level of support is crucial while Shib stays around $0.00013. If it drops below, there could potentially be a more significant adjustment that probes lower support zones. But if Shib can sustain this level and traders step in, it might pave the way for an attempt to surpass the resistance at $0.000015.
There are three crucial price points to pay particular attention to:
1 cent: This figure has proven to be a significant hurdle. If it’s surpassed, it might signal a bullish reversal, potentially leading to stronger pushing forces moving upwards.
As a researcher, I find it essential that Shiba Inu (SHIB) maintains its sideways trajectory, with the current price of $0.000013 acting as a significant support level. If this level is broken, we might witness a continuation of the downtrend.
Keep an eye on the significant support level at $0.000011. If there’s increased selling pressure and Shiba Inu (SHIB) falls below $0.000013, this could be a critical point where buyers try to halt any further price decreases.
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2024-08-13 12:01