Shiba Inu (SHIB) Holds Crucial Support, Showcasing Bullish Potential Despite Market Turmoil

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Over the past two days, the value of the well-known cryptocurrency Shiba Inu (SHIB) has dropped by over 17%, following one of the biggest drains on liquidity in the cryptocurrency market, often referred to as a “vampire attack.

As a crypto investor, I’ve found myself in the midst of a challenging time with SHIB, a well-established asset boasting a market cap surpassing $12.5 billion. Being a meme coin, it’s often perceived as volatile and risky within the crypto realm. Yet, even though it’s known for its volatility, this shakeout still hurts.

Due to the recent selling spree, the value of the Shiba Inu token plummeted below its crucial support levels at $0.000025 and $0.00002, but it ultimately found a stable base at $0.00002.

From my perspective as a researcher, I’ve noticed that the price of SHIB hasn’t surpassed this significant support level since November, and it’s actually been tested on multiple occasions over the past two months. Even after some serious and swift corrections in December, the Shiba Inu token managed to maintain its value at approximately $0.00002, and it seems that this trend is continuing now as well.

At this point, there could be signs of investors buying aggressively, as the meme token recovered by 5% following its significant drop. However, this doesn’t necessarily imply that the lowest point has been hit, and further growth potential may still exist.

Even though the recent surge in SHIB’s price might be just a technical fluctuation, since all significant market movements are typically followed by corrections, it could drop back down to $0.00002. However, this price point serves as a useful reference for making informed decisions about the token. As long as the price stays above it, the overall positive outlook or bullish bias continues.

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2025-01-19 18:29