SHIB Reaching Dangerous Price Level, a Drop Could Mean an Extra Zero
Shiba Inu (SHIB) almost missed the key $0.000010 level on October 18 when it fell to $0.00001007. At press time, SHIB was changing hands at $0.00001016, down 2.30% over the last 24 hours.
Any further decline from current levels could mean adding a zero to SHIB price as it could test the $0.000009 level with 13th October low of $0.0000092 in sight.
A year ago, the story was different extra rent when SHIB cleared a bull pennant that culminated in an all-time high of $0.000088 on October 28, 2021. Overall, 2022 was a tough year for global markets amid a merger. As the cryptocurrency market needs new buyers, Gokhstein believes meme cryptocurrencies like SHIB could eventually attract new retail buyers due to their cheap valuations.
Here is what might come next
For the past three days, SHIB tried to bounce off $0.000010 but the bulls only managed to hit an intraday high of $0.0000104 before retreating. The price is stuck in the $0.000010 area which could indicate traders are in no rush to buy while waiting for a clear signal in the markets.
The daily moving averages (MAs) are sloping down and the RSI remains in negative territory, suggesting an advantage for sellers. If SHIB price breaks below the key $0.000010 level, the $0.0000092 level could be next. falls, SHIB could fall to June lows of $0.00000712.
Alternatively, if the buyers take the reins and once again propel the price above the daily MA 50 at $0.0000113, the SHIB could rally to the $0.000012 level before testing the $0.0000139 barrier. A gap above this barrier could indicate the emergence of buyers, which could lead to a retest of the $0.000018 level.