Shiba Inu’s price has recently plummeted, leaving it in a precarious state. However, the cryptocurrency market is unpredictable, and a turnaround is always possible. Three key levels to monitor for potential reversal are $0.000018, $0.000015, and $0.0000096. Let’s explore why these levels are significant.
First, the $0.000018 level holds significance as SHIB’s recent support level. For a potential reversal, SHIB must regain this level. Historically, this area has acted as both resistance and support, making it crucial. Encouragingly, SHIB is currently consolidating around this level, indicating a potential stabilization.
Shiba Inu/USDT Chart by TradingView
$0.000015: 100 EMA On Weekly Chart
Next, the $0.000015 level is highlighted by the weekly chart’s 100 EMA, a vital technical indicator. The 100 EMA often serves as a strong support or resistance level. If SHIB can rise above this moving average, it might signal stabilization and attract more buyers. Holding above this level is essential for maintaining bullish momentum and preventing further declines.
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Finally, $0.0000096 represents a crucial long-term support level. This level acts as both a psychological barrier and a historical support area for SHIB. While dropping to this level would indicate a significant pullback from recent highs, it could also present a compelling buying opportunity for long-term investors and those new to SHIB. A bounce from this level could lead to a significant price reversal and a strong accumulation phase.
Technical Indicators And Market Sentiment
The SHIB/USDT charts underscore the importance of these levels. Notably, the RSI has dropped below 40 on both the daily and weekly charts, signaling that SHIB is in oversold territory due to the recent downtrend.
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This is often the first indicator of a potential reversal. Watching these key levels—$0.000018, $0.000015, and $0.0000096—could provide valuable insights into SHIB’s potential price movements.
As SHIB navigates these critical areas, the market may witness a significant turnaround, offering opportunities for both current and prospective investors.
