Shiba Inu Goes From Billion to 13 Trillion SHIB: Major Support Ahead
2024-12-16
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The crucial 13 trillion SHIB support level is drawing near for Shiba Inu, which could dictate its course in the near future. This level acts as a crucial obstacle for sellers and a possible lifeline for bulls looking to spark a rally. Nonetheless, the overall outlook for SHIB is still cautious, as market indicators show. Shiba Inu has failed to hold above $0.00002800 on the chart, indicating a loss of momentum.
SHIB previously relied on the 26 EMA as support during its uptrend, and this pullback puts it at risk of breaking. The price may drop toward the next crucial levels, which are located around $0.00002249 and $0.00002031, if it closes decisively below the current support. Bulls need to protect these areas of strong psychological and technical support in order to prevent more severe corrections. SHIBUSDT Chart by TradingView">
Additionally, volume has significantly decreased, suggesting that both buyers and sellers are becoming less interested. The asset's difficulties as SHIB works to stabilize are exacerbated by this decline in participation. Without a surge in buying volume, a recovery becomes less likely in the short term, leaving SHIB vulnerable to further downside pressure. If buyers return and SHIB is able to hold the 13 trillion SHIB support, we may witness a relief rally with $0.00003000 as a possible upside resistance.
If this level is broken, it would indicate fresh bullish momentum and return investor sentiment to a positive state. But for the time being, SHIB's price movement is still erratic, so prudence is advised. Overall, the performance of Shiba Inu is also influenced by the state of the market. SHIB may benefit from a slight recovery if sentiment on the cryptocurrency market improves. Until then, investors should closely monitor the 13 trillion SHIB level because its strength will determine SHIB's next significant move.