Close

Shiba Inu (SHIB) on Verge of Gaining Another Zero, Again

u.today
Shiba Inu (SHIB) on Verge of Gaining Another Zero, Again

Wed, 27/12/2023 – 11:30

Shiba Inu (SHIB) on Verge of Gaining Another Zero, Again
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu (SHIB) is once again in trouble, potentially adding another zero to its price point, as seen on SHIB/USDT chart. The meme coin is facing a crucial moment, teetering on the brink of falling below the significant $0.00001 threshold. This level is not just a psychological barrier for investors but also a technical support that, if broken, could exacerbate the current downward trend.

Advertisement

The provided Shiba Inu chart paints a concerning picture for SHIB holders. After a period of bullish momentum, the asset is experiencing a decline that threatens to breach a critical support level. The chart shows a gradual descent toward this threshold, highlighting the possibility of a further slide in price. If SHIB fails to maintain this support level, the door may open for a steeper drop, intensifying the bearish sentiment on the market.

https://www.tradingview.com/
SHIB/USDT Chart by TradingView

The traction on legacy altcoins like Shiba Inu is waning at this point in time, with market interest shifting toward newer and more volatile assets. This shift in focus is contributing to reduced trading volume and lack of buying pressure needed to sustain or increase SHIB’s price. Unless there is a significant catalyst or change in market sentiment, SHIB may continue its downward trajectory.

However, it is essential to consider the common pattern of post-New Year market recovery. Historically, the cryptocurrency market tends to rebound after the initial sell-offs that characterize the end of the year. This recovery period could be the lifeline SHIB needs to reverse its fortunes. In case of a market sentiment improvement, the influx of fresh capital and interest will push Shiba Inu toward finding the support necessary to resume its upward movement and regain lost ground.

Investors and SHIB enthusiasts will be closely monitoring the asset as it approaches this crucial price level. With the new year on the horizon, the hope is that SHIB will mirror the market’s cyclical recovery and begin to ascend once again, leaving the prospect of gaining an unwanted zero firmly in the past.

About Author

scroll to top