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The crypto Shiba Inu on the brink of a cliff!

Thu 02 May 2024 ▪ 3 min of reading ▪ by Mikaia A.
Getting informed Altcoins

When Bitcoin performs a somersault, its cryptographic colleagues do the same. This has been the case for Shiba Inu, this memecoin that did not fail to light up the dreams of crypto traders at the beginning of March, exchanging at 0.000044 per unit. Currently, this canine token has seen its former value melt away like snow in the sun: financial oracles even predict a tumble below the ominous thresholds.

Shiba Inu au bord du gouffre

Shiba Inu: A Bone to Chew for Crypto Traders?

Bitcoin, the beacon of cryptos, initiated a vertiginous drop yesterday, plummeting to less than 57,000 dollars. And to top it all off, it dragged in its wake other altcoins, including Shiba Inu, this crypto that has suffered from a botched rebound since last week.

Shiba Inu is currently at a crossroads, risking a plunge into a critical situation, with the threat of an imminent selling pressure that could take it below the 0.00001 dollar mark. The support level recently reached at 0.000021 dollars is crucial for its short-term stability, with any drop below this threshold increasing the risk of selling pressure.

SHIB price evolution
Crypto SHIB price evolution – Source: TradingView

The 100-day exponential moving average plays a pivotal role in sustaining the price, although it is also closely watched by crypto-traders. Crossing it could boost buyers’ confidence or, conversely, trigger a wave of selling. If Shiba Inu falls below this EMA, the next major support would be the 200-day EMA.

However, the situation becomes critical if the price falls below the 200-day EMA, with the next significant support level much lower, below 0.00001 dollars. Such a scenario would virtually annihilate the bullish trend observed throughout the year 2024 for the SHIB crypto, calling into question the market’s outlook and investors’ optimism towards it.

Towards New Peaks?

Shiba Inu is at a crucial crossroads, facing immediate resistances at 0.0000228 dollars and 0.0000245 dollars. These levels are short-term targets to maintain its bullish momentum. Crossing them could propel the crypto into bullish territory, rekindling investor interest and triggering a rise in prices, thus signaling a revival for the cryptocurrency market as a whole.

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However, Shiba Inu’s future depends on its ability to stay above these critical support levels. A sustained break below 0.000021 dollars could trigger a series of sales, eroding recent gains and negatively affecting investor sentiment towards this crypto.

In sum, while the apocalypse is not for tomorrow, the odyssey towards the penny seems just as improbable for SHIB.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.