In This Post:
- Shiba Inu price could fall to $0.00001 amid current market decline.
- 374,000 addresses holding 150 trillion SHIB provide strong support.
- The RSI at 26% suggests Shiba Inu might recover soon.
Shiba Inu price has been falling. The drop came after Bitcoin fell below $60,000. This is partly due to global tensions and fears of a US recession. These issues are affecting many cryptocurrencies, including Shiba Inu.
Current Pattern: Falling Wedge
Shiba Inu has been in a downtrend since mid-July. The price fell from $0.00002017 to $0.0000133. This is a drop of 33.9%. The pattern is called a falling wedge. In this pattern, the price moves between two lines that slope downwards, showing lower highs and lower lows.
Recent data shows that Shiba Inu holders had to sell $4.3 million worth of SHIB this week. The price drop might push Shiba Inu down further, possibly to $0.00001.
Support and Possible Recovery
The $0.00001 level is a key support point for Shiba Inu. About 374,000 addresses bought 150 trillion SHIB at prices between $0.000014 and $0.000008. This strong support could help prevent a further drop. As long as Shiba Inu stays above $0.00001, these holders are less likely to panic and sell.
The Relative Strength Index (RSI) for Shiba Inu is now at 26%. This means the coin is in an oversold condition. This low RSI might attract buyers looking for a good deal. If the price bounces back from $0.00001, Shiba Inu might rise to $0.000014.
Looking Ahead for Shiba Inu
Shiba Inu is under pressure but shows signs of recovery. The strong support level and low RSI offer hope for a rebound. If Shiba Inu can break above its current downtrend line, it could signal a price increase. Shiba Inu’s price might drop, but strong support and oversold conditions could lead to a rebound.
