Shiba Inu price has been under pressure, experiencing a notable decline over the past week. The meme coin has dropped over 10%, struggling to maintain key support levels. February was a tough month for SHIB, with the price plunging nearly 30%.
After reaching a high of $0.00001964, it tumbled to a low of $0.0000123. Currently, analysts warn that if the crucial $0.000012 support fails, SHIB could dip further to $0.0000094.
The broader crypto market has also suffered, with bearish sentiment dominating. SHIB’s repeated downturns in February highlight persistent selling pressure. Despite minor recovery attempts, the asset remains volatile, leaving investors cautious.
Shiba Inu Price Drops: Could a Crash to $0.0000094 Be Next?
Crypto analyst Ali has recently shared his perspective on the Shiba Inu ($SHIB) price trend. According to his latest chart analysis, the meme coin could potentially find support at two key levels.
These levels are $0.000012 and $0.00000094. Ali points out that these price points are significant based on previous market behavior.
The first level, $0.000012, has been tested before and could provide a solid base for the coin’s price to rebound. The second level, $0.00000094, represents a more drastic drop but is another area where buying pressure may increase.
Shiba Inu Price Faces Selling Pressure
The Shiba Inu price is experiencing downward pressure due to the significant percentage of holders at a loss (58%) according to IntoTheBlock data. This high number of loss-making holders could lead to further selling, putting downward pressure on the price.
Furthermore, the concentration of 74% of holdings among large investors suggests that price movements could be heavily influenced by a small group, potentially amplifying volatility.
Additionally, a weak price correlation with Bitcoin (0.79) indicates that Shiba Inu is not moving in tandem with the broader crypto market, which may limit price recovery. Finally, the 0.32% decline in Telegram members suggests reduced market interest, which could also impact demand and ultimately affect the price negatively.
SHIB Price Analysis
As of the reporting time, the SHIB price is showing signs of stability, with minor fluctuations occurring within the range of $0.00001 to $0.00002.
The price has been consolidating, and current market behavior indicates a cautious upward movement, with SHIB trading at around $0.00001396.
The Relative Strength Index (RSI), is currently at 45.68 iniducating a neutral zone. The Moving Average Convergence Divergence (MACD) is showing mixed signals. The MACD line remains below the signal line, indicating a bearish outlook in the short term.
The immediate support target for Shiba Inu price prediction is $0.00001, which is a strong support area. A drop below it may lead to further declines, The IImmediate resistance target $0.00001405 this level could serve as a short-term resistance point. A breakout above this level could lead to the next resistance target of $0.00002.
To sum up, the Shiba Inu price faces heightened risks due to selling pressure and weak market interest. If critical support levels break, a further price decline could occur, potentially reaching $0.0000094.
The post Shiba Inu Price Could Crash to $0.0000094 if $0.000012 Breaks appeared first on CoinGape.
