- Shiba Inu struggles to hold above the crucial $0.00001231 support, risking further declines if sellers maintain pressure.
- Shiba Inu could rebound if bulls defend key levels, but a breakdown may push the price toward $0.000010.
Shiba Inu (SHIB) is battling to maintain its footing as selling pressure grips the crypto market. After a false breakout above $0.00001398, the meme coin is now struggling to stay above a crucial support level.
At the time of writing, SHIB trades at $0.00001354, down 6.44% in the last 24 hours. If the daily candle closes below this mark, the downtrend could intensify.
Possible Scenarios for SHIB
1. Sideways Trading
On the broader time frame, SHIB remains trapped between $0.000012 and $0.000014. If the price closes near its current levels, a range-bound movement could dominate in the short term.
2. Breakdown Below Support
The bigger concern is the support level at $0.00001231. If sellers push Shiba Inu below this price, a further drop could test the critical zone of $0.000010 before the end of the month.
According to IntoTheBlock data, 77 trillion SHIB tokens were bought at an average price of $0.00001. If this level fails to hold, another zero could be added to SHIB’s price, signaling deeper losses.
Market-Wide Sell-Off Intensifies
The overall crypto market is under pressure. Bitcoin (BTC) dropped below $90,000, dragging altcoins lower. In the last 24 hours, $1.38 billion worth of bullish crypto positions were liquidated, adding to the bearish momentum.
For SHIB to regain strength, bulls must defend the $0.00001231 support and push the price back above key resistance levels. A breakout above the 50-day and 200-day SMAs at $0.0000182 and $0.0000192 would be a strong signal for recovery.
What’s Next for SHIB?
SHIB’s price action in the coming days will be crucial. If bulls step in, the meme coin could stabilize and attempt a rebound. However, if sellers remain in control, SHIB could extend its losses.
Traders should watch support levels closely and prepare for potential volatility ahead.
