SHIB was changing hands at $0.00001016, down 2.30% in the last 24 hours
The Shiba Inu (SHIB) came close to losing the key $0.00010 level on October 18th as it dropped as low as $0.000001007. At the time of publication, SHIB was trading at $0.0001016, down 2.30% over the past 24 hours. Further decline from the current levels might mean adding an additional zero to the price of SHIB as it may test the level of $0.000009, along with the low of $0.0000092 on October 13th.
A year ago, the story was different as SHIB resolved a bullish pennant which culminated in an all-time high of $0.000088 on Oct 28, 2021.
The year 2022 has been tough for global markets amid a widespread recession. With the cryptocurrency market in need of new buyers, Gokhstein believes that meme cryptocurrencies like SHIB may eventually attract new retail buyers to the market due to their cheap valuations.
Here is what might come next
In the last three days, SHIB attempted a bounce off of $0.000010, but bulls only managed to touch an intraday high of $0.0000104 before retreating. The price is stuck at the $0.000010 range, which might suggest traders are in no hurry to buy while waiting for a clear signal on the markets.
The daily moving average (MA) is trending down and the RSI remains in negative territory, which suggests an upside bias for sellers. If SHIB price loses the key $0.0000010 level, then the $0.000092 level could come next. In the event of a sharp decline, SHIB could decline to the June low of $0.00000712.
Alternatively, if buyers take the reins and drive the price once again above the daily MA 50 at $0.0000113, SHIB might reach the $0.000012 level before testing the barrier at $0.0000139. A breach above this barrier might suggest the emergence of buyers, which might result in a retest of the $0.000018 level.
