Cryptocurrency markets experienced sharp movements today, with Shiba Inu (SHIB) also affected. SHIB seems to be nearing a critical support range estimated between $0.000025 and $0.000024. This expected level is significant because it aligns with previous growth points for SHIB. If the token stabilizes in this range, there is potential for a revival in value.
What Does the Shiba Inu Chart Tell Us?
SHIB‘s chart reveals the importance of this price range. Historically, SHIB has seen notable value increases from this level. It also indicates a strong support that has prevented further declines.
Such areas typically witness an accumulation of buy orders, reinforcing their role in stabilizing prices. SHIB reaching and maintaining this support range could be a good sign for a recovery trajectory.
Key Levels to Monitor for SHIB
The cryptocurrency world’s twelfth largest, SHIB’s performance requires monitoring specific price thresholds. Staying above $0.000024 is a notable level for signaling a solid recovery. Additionally, the $0.000022 level, which coincides with the 50 Exponential Moving Average (EMA), should be watched. However, breaking these support levels could necessitate exploring lower supports around psychological criteria like $0.00002.
While reaching the support level is crucial, the sustainability of the recovery depends on the presence of enough buyers to drive prices up. Therefore, the broader sentiment in the cryptocurrency market will greatly influence the potential for SHIB’s revival.
Focal Point for the Meme Coin
The current focal point for the meme coin SHIB is to maintain a price above $0.000024, which presents a positive outlook for upward momentum. Conversely, falling below this threshold could lead to further declines towards $0.00002.
However, it’s important to note that significant price movements for SHIB, the second-largest meme coin, may also depend on price increases in Bitcoin and Ethereum. Today’s decline is more closely related to Bitcoin. As of writing this article, Shiba Inu is trading at $0.00002666.
