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SHIB on the Brink: Key Levels That Could Change Everything

SHIB on the Brink: Key Levels That Could Change Everything

CryptotaleCryptotale2025/01/20 05:42
By:Arslan Tabish
  • Over 16% of value erased as SHIB dropped below crucial $0.000025 and $0.00002 support levels.
  • Stabilizing at $0.00002, Shiba Inu maintains its long-held key price support since November.
  • Traders eye $0.0000196 support or $0.000025 resistance to predict SHIB’s next major move.

Shiba Inu (SHIB), one of the most famous dog-themed coins, has dropped by more than 16% in the last two days. Shiba Inu, a standout among meme coins, commands massive attention with its $12.37 billion market capitalization. However, the most recent price drop is a clear reminder of the fact that this digital asset is very volatile.

SHIB on the Brink: Key Levels That Could Change Everything image 0 Source: TradingView

SHIB’s Key Support Levels

The sell-off saw SHIB’s price fall below two critical support levels: $0.000025 and $0.00002. SHIB recorded a massive drop and has since settled at $0.00002. This price level has been tested a few times since November 2024 and has remained intact. Nevertheless, the token’s price has remained above this crucial level even during the market decline.

In that case, traders will be keen on the $0.0000196 price. This support area prevented further down moves in SHIB on January 13th and may do so again. It is crucial to note that if SHIB dives below this level, the 200-day Simple Moving Average (SMA) at $0.00001914 may act as support to prevent further declines.

SHIB on the Brink: Key Levels That Could Change Everything image 1 Source: TradingView

Potential Price Targets

On the contrary, if the price rises, SHIB may find its first challenge at the $0.000025 level. This is close to the 50-day SMA, which might prevent a further rise in price. If SHIB is to break through this resistance level, the next major targets are $0.00003 and $0.000033. These levels may be the price floors of SHIB in the near future.

Related: SUI Reaches New All-Time High, Flips SHIB, TON, And LINK

Shiba Inu has been moving within the range of 50-day and 200-day SMA since the beginning of December 2024. This consolidation phase has brought uncertainty for investors, creating challenges in the market. Either direction breakout could greatly influence the future of the price of the coin. 

Price action is currently the focus of traders to see the future direction of the market. SHIB is narrowly trading within a particular range, and it is only a matter of time to determine if it will breakout or not.

The post SHIB on the Brink: Key Levels That Could Change Everything appeared first on Cryptotale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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