Right now, Shiba Inu is one step away from a possible disaster since it may see selling pressure that might drive its price below $0.00001. The blue line on the chart shows that the asset has lately landed on a firm support level at $0.000021. The short-term stability of Shiba Inus depends on this level, and any break below might increase selling pressure.
At present, the price is finding significant support from the 100-day Exponential Moving Average. This technical signal frequently serves as a psychological barrier for traders, and if it is breached, it may raise selling pressure or improve purchasing confidence. The next significant support for the Shiba Inu price will be found at the 200-day EMA if it closes below this EMA.
Unfortunately, the next major level of support is much lower, around $0.00001, if the price breaks down below the 200-day EMA. A change of this kind would essentially reverse the upward trend that Shiba Inus have experienced in 2024, potentially upending investor confidence and market expectations.
Shiba Inu immediately encounters resistance at $0.0000228 and $0.0000245. To maintain its positive momentum, the asset needs to regain these levels in the immediate term. If they are overcome, the asset may enter positive area once more and spark investor interest, which might result in a price increase. It would also signal the broader rebound of the bitcoin market.
Future prospects for Shiba Inus depend on their capacity to sustain themselves above these crucial support levels. A persistent decline below $0.000021 would set off a chain reaction of sales that would erode recent gains and exacerbate the mood around the meme coin.
