SHIB Struggles at Crucial Support Level
Shiba Inu (SHIB) is at a critical point. The popular dog-themed cryptocurrency has dropped 6.44% in the past 24 hours, trading at $0.00001387. It hit lows of $0.000013, sparking fears of a further decline. If SHIB loses this support, it could add another zero to its price.
Data from IntoTheBlock shows that around 77 trillion SHIB tokens were bought at an average of $0.00001. This level now serves as a vital support zone. Falling below it could trigger a wave of selling, driving the price even lower.
Why This Support Level Matters
SHIB is hovering near $0.000013, a price floor that has held strong since September 2024. Bulls need to defend this level to avoid further losses. If they fail, the token could face increased selling pressure, dragging it into dangerous territory.
The broader crypto market isn’t helping. Volatility and weak momentum are affecting most coins, including SHIB. Without a catalyst to reverse the trend, bears could take full control.
Market Sell-Off Fuels SHIB’s Decline
Shiba Inu isn’t alone in its struggles. Bitcoin fell below $90,000 overnight, and the global crypto market capitalization has dropped by about 8%. According to CoinGlass, over $1.38 billion in bullish futures positions were liquidated in the past 24 hours.
This massive sell-off adds more pressure on SHIB. Investors are watching closely to see if the token can hold its ground or if another drop is imminent.
What Could Save SHIB?
To regain momentum, SHIB must break above the daily SMA 50 and 200 levels at $0.0000182 and $0.0000192. Achieving this could signal the start of a bullish reversal.
For now, all eyes are on SHIB’s support level. Holding above $0.000013 is crucial. Losing it might not only add another zero but also shake investor confidence.
Bottom Line
Shiba Inu is at a make-or-break moment. Bulls must step in to defend key support. Without a quick recovery, SHIB risks a deeper plunge. Stay alert and watch how the market unfolds in the coming days.
