The Shiba Inu (SHIB) price is facing a crucial turning point, with a potential breakdown below key support levels raising concerns about further decline and the possibility of adding another zero to its price tag. 📈 As of early Tuesday, SHIB traded down 6.44% over the past 24 hours at $0.00001387 after falling to lows of $0.000013. The token is currently teetering near a critical support level where 77 trillion SHIB tokens were purchased, averaging at $0.00001.
If SHIB fails to hold this crucial area, increased selling pressure could push its price even lower, potentially adding another zero to its price tag.
Shiba Inu’s current price action highlights the tightrope walk it’s experiencing in a volatile crypto market. The token is battling to stay above a key support level set in September 2024 near $0.000013. This critical floor faces increasing pressure from selling pressure and broader market volatility, raising concerns about its short-term price trajectory.
Other cryptocurrencies are also experiencing a downturn, with the entire cryptocurrency market capitalization dropping over 8% in recent hours. The sell-off comes as Bitcoin dipped below $90,000 overnight due to equities selling pressure, while the wider crypto market awaits its next bullish catalyst. 📉
As the Shiba Inu price looks toward a potential future downturn, the key question remains: will bulls be able to defend this crucial support level and regain momentum? If SHIB fails to avoid further decline, another zero could be added to its price tag. On the other hand, if it breaks above the daily SMA 50 (approximately $0.0000182) and 200 ($0.0000192), this would signal a potential shift in the market’s favor for the bulls.
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