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Highlights
- Shiba Inu Price hovers near support as market sentiment remains bearish.
- Selling pressure may push SHIB below key levels soon.
- SHIB price trades around $0.00001412, with 6% decrease
Crypto market volatility continues as Shiba Inu price trades near a crucial support level. SHIB is hovering around $0.000013, mirroring the broader downturn. Bitcoin remains below $90K, while Ethereum struggles under $2,500. If sellers gain control, SHIB could break lower, signaling a potential drop this week.
Is Shiba Inu Price Set for Another Decline Soon?
Shiba Inu price is battling to stay above a crucial support level as the crypto market experiences heightened volatility. The global market cap has fallen to $2.9 trillion, marking a 5.20% decline in the last 24 hours.
Currently, SHIB is hovering near $0.000013, a key price floor that provided strong support in 2024. Market conditions remain bearish, raising concerns about its short-term movement. If this level breaks, the asset could see further downside pressure.
Broader crypto weakness has pushed Bitcoin below $90k, while Ethereum is trading under $2,500. Shiba Inu has mirrored this trend, recording a 10% decline in the past day. Its burn rate has also dropped significantly, down 95%, with only 744,765 SHIB removed from circulation.
If selling pressure continues, SHIB could extend its losses and retest the August 5 low of $0.00001. Other meme assets, including Dogecoin and Pepe, have also declined amid the downturn.
Traders are closely watching SHIB’s next moves, as holding above this key support could determine its short-term direction. A break below could trigger further selling.
Will SHIB Price Dip to $0.00001 Soon?
As of Tuesday, the SHIB price is trading around $0.00001412, reflecting a 6% decrease over the past 24-hours. The Relative Strength Index (RSI) is at 39, indicating an oversold condition after dipping below 30.
The Moving Average Convergence Divergence (MACD) shows a minor bullish crossover, with the MACD line edging above the signal line, indicating a potential shift in momentum.
Shiba Inu price prediction faces immediate resistance at $0.000015, a crucial level for sustaining its upward movement. Further resistance lies at $0.000018 and $0.00002, If bullish momentum continues, a push toward these levels could materialize.
On the downside, key support remains at $0.00001405. A failure to hold above this level could bring renewed bearish sentiment, possibly leading to a retest of the $0.00001 mark this could dip by more than 20%. A break below this threshold might trigger further declines, making it a critical zone for traders.
To sum up, the Shiba Inu price hovers near critical support, facing potential declines. If sellers push lower, SHIB may break below $0.000013, signaling a deeper correction this week.
Frequently Asked Questions (FAQs)
1. What is the current support level for Shiba Inu?
2. Can Shiba Inu recover from this decline?
3. How does Bitcoin’s price affect SHIB?
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