Will Shiba Inu Price Hold Critical Support Amid Market Volatility?
Shiba Inu price, a popular meme-based cryptocurrency, has seen a significant decline over the past week amid bearish market trends. Despite minor market rebounds, SHIB’s price action indicates potential for growth as it hovers near critical support levels. Meanwhile, Bitcoin fell below $95,000, contributing to a wider downturn across the cryptocurrency market raising questions about stability amid ongoing volatility.
Will Shiba Inu Price Recover or Dip Beyond Support Line?
A crypto analyst tweeted about the potential price movement of Shiba Inu, emphasizing a critical support level. According to the analyst, Shiba Inu must maintain this support to pave the way for a possible significant price surge.
The tweet highlighted a chart indicating a key horizontal support area that SHIB is currently testing. This support zone has historically been a crucial point for price stability, marking a potential reversal zone for the cryptocurrency. If the price holds at this level, the analyst predicts a substantial upward movement could follow.
Shiba Inu price experienced a sharp decline from recent highs, reflecting caution across the broader cryptocurrency market. Over the past week, the meme-based crypto dropped significantly, hitting lows of $0.0000185 during Friday’s session. However, a recovery followed, pushing prices to $0.000024 on Saturday before facing resistance at this level. The rebound subsequently lost momentum.
Meanwhile, most cryptocurrencies traded in the red as Bitcoin retreated after approaching the $100,000 mark. Bitcoin’s decline negatively impacted the broader crypto market, including Shiba Inu. Market sentiment remains fragile, with traders closely monitoring price movements amid broader risk aversion in digital assets.
Shiba Inu Price Analysis
As of the reporting time, the SHIB price is trading at $0.00002154, marking a 2% decline in the past 24 hours. The token’s price fluctuated within a range of $0.00002095 and $0.00002237, reflecting moderate market volatility during this period.
If the bearish trend gains more traction, the Shiba Inu price prediction indicates a potential break below the $0.00002 support level, potentially hitting $0.000019.
This comes as the cryptocurrency market continues to experience mixed signals, with SHIB facing increased selling pressure.
However, if bullish momentum builds, SHIB could rebound from current levels and aim for the $0.000025 resistance. Such a rally would depend on strong buying activity and favourable market sentiment.
The MACD indicator on the 4-hour chart suggests slight bullish divergence, hinting at a potential reversal. The histogram shows decreasing bearish momentum, which may pave the way for a short-term recovery if sustained.
Shiba Inu price hangs in a delicate balance, with critical support levels key to its next move. Sustained buying and favourable sentiment could spark recovery, but risks of further dips remain.
The post Will Shiba Inu Price Hold Critical Support Amid Market Volatility? appeared first on CoinGape.
Crypto Feed:
https://ift.tt/1YNFnhQ
Coingape Staff
CoinGape
Philpar