Shiba Inu Price Analysis

The price of Shiba Inu (SHIB) is facing significant selling pressure, resulting in a potential drop by another zero. After several months of decline, SHIB has lost most of its previous gains and is currently trading at $0.00001271, marking its lowest point in recent history due to prevailing bearish sentiment.

Price Threshold

SHIB is dangerously close to dropping below a critical psychological threshold. If the price falls into the $0.000009 range, it would effectively add another zero to its current valuation, worsening the ongoing downtrend.

Moving Averages and Support

The bearish momentum is reinforced by the loss of significant moving averages, particularly the 50-day and 200-day EMAs. However, there remains a chance for SHIB to bounce back, as the current price level aligns with a historical support zone. A relief rally could potentially push SHIB back towards $0.00001400 or higher, provided that buyers intervene and defend the support level.

Recovery Signs

A successful break above this resistance range would suggest that sellers are losing dominance, paving the way for a possible recovery. Notably, the declining trading volume along with the recent price drop may indicate that selling pressure is diminishing. If buyers regain control, SHIB could stabilize and initiate a new upward trend.

Conclusion

Ultimately, the crucial question is whether SHIB can maintain its current support level or if it will experience further declines. The situation is critical, with strong support levels and signs of bear fatigue offering hope for a potential rebound. Maintaining above $0.00001200 is essential for SHIB’s chances of recovering lost ground.