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.
The post Is Shiba Inu Price Heading for a New Low This Week? appeared first on CoinGape.
