Shiba Inu (Shib) is currently sailing in a difficult phase, testing crucial levels of support that could determine its short -term future. Cryptocurrency was faced with a significant sales pressure recently, and after a sharp drop of 10.85% in the last 24 hours and 15.49% in last week, the price of SHIB fell to $ 0.00001314. With this drop, analysts pay particular attention to the question of whether the price can be $ 0.000012 or if an additional drop to 0.0000094 is inevitable.
The support level of $ 0.000012: a moment of brand or break
Currently, the price of SHIB is testing the level of critical support at $ 0.000012. If the price does not hold at this level, it could see an additional drop to $ 0.0000094, which would represent a complete recovery of the part rally from the beginning of 2024. The key support at $ 0.000012 aligns on the level of retracement of Fibonacci 0.786, which makes it a significant point for the traders to watch closely.
The action of SHIB prices suggests that he could lose steam because he had trouble breaking over resistance levels around $ 0.000022 to $ 0.000027. This area has experienced multiple unsuccessful attempts to push higher, indicating that the sales pressure is stronger than the purchase of interest at these levels.
Key resistance and fibonacci levels
The level of trace of 0.618 FIBONACCI at 0.00001434 is currently being tested. If Shib does not hold above this level, it could point out that the lower momentum is gaining strength. While technical indicators point to a tendency to weaken, the level of $ 0.000012 becomes critical. If Shib breaks below this support, it can follow a trajectory down, with $ 0.00,00094 becoming the next potential target.
Leased technical indicators
The technical indicators of Shib also indicate continuous weakness. The parabolic SAR, an indicator for monitoring trends, currently shows downward pressure, because its points appear above the price. This indicates that the trend promotes bears. In addition, the Stochastic RSI, which is used to measure price dynamics, is at 36.38. This suggests that Shib is in territory of occurrence, but there are signs that he could reverse if the purchase pressure emerges.
The Aroon indicator also shows that the increased trend fades because the Aroon Up indicator amounts to 78.57%. While Roon Down is 0%, which suggests a minimum immediate sales force, it could increase if the lower time is intensifying.
Burning rate and exchange reserves: potential signs of hope
On a positive note, there was a sharp increase in the burning rate of the shib. According to reports, the burning rate jumped 4,137.17% in the last 24 hours, eliminating a large amount of traffic token. The reduction in the Shib offer could help create upward pressure on the price if the request is accelerating, although it will depend on wider market conditions.
In addition, Cryptokant data show that Shiban exchange reserves have fallen to 95.5 billions of tokens, which indicates that fewer tokens are available for sale on exchanges. This could suggest that holders move their assets in private wallets, potentially indicating a long -term accumulation. Although it is a positive sign, the active addresses of SHIB have dropped to around 4,000, reflecting a drop in network engagement and the interest of short -term traders.
Conclusion: What is the next step for Shib?
Shiba Inu is at a critical moment. The next few days could be decisive for the price because it tests the support level of $ 0.000012. If buyers can intervene to defend this level, Shib can undergo a rebound and potentially reverse the current decline trend. However, if the sales pressure continues and SHIB breaks below $ 0.000012, it could face new decreases, may be around $ 0.00,00094.
In the end, while the technical indicators suggest continuous downward pressure, the recent increase in the skib burning rate and the drop in exchange reserves offer some hope for a potential recovery. Merchants will closely monitor the signs of increased purchasing interest and if Shib can stabilize at current levels or drop more.
Publication views: 5