Cryptocurrency Market Update

The last few days on the cryptocurrency market have not been as prosperous for crypto enthusiasts as is commonly believed. The last few weeks have been tough, engulfed in pain, controversy, doubt, fear, and greed.

Shiba Inu (SHIB) Overview

Take Shiba Inu (SHIB) as an example. This coin epitomizes the struggles faced on the altcoin side of the market, representing everything other than Bitcoin (BTC).

Since February, SHIB has lost 34.69% of its price, declining from a high of $0.00001894 to a low of $0.00001238. The situation has grown so dire that even its most ardent supporters have gone quiet on social media.

Concerns for SHIB Holders

A significant concern for SHIB holders is whether the token will dip below $0.00001, which would add another “0” to its price. However, it seems such a catastrophic drop may be avoided for this popular meme token.

Is it That Bad for Shiba Inu (SHIB)?

SHIB recently attempted to break below the $0.00001 price level. Just last week, its price dropped to $0.00001082, prompting bull traders to act, which led to a 26% price increase to $0.0000138.

However, the momentum faltered, and SHIB lost 10% of that growth over the next three days. There are two key points to note:

1. Support Level: The $0.00001 level remains a significant support for SHIB.
2. Bollinger Bands Indicator: SHIB failed to hold above the middle band of the Bollinger Bands indicator and is likely headed towards the lower band to test buyers there, which is currently situated at $0.00001123 on the daily time frame.

In conclusion, market indicators do not suggest that SHIB’s price will dip below $0.00001, providing some hope for SHIB holders. However, market conditions can change rapidly.