While the cryptocurrency market continues to consolidate, it continues to frighten investors by getting its share of high volatility. Fall of leading crypto assets meme coins dogecoin and shiba inuIt also had a negative impact on its price.
At the time of writing, the Shiba Inu was trading at $0.00001011, down 1.77% in the last 24 hours. The bulls continue to do their best to defend the $0.0000100 range. Immediate resistance is at $0.0000102 and support is at $0.000009.
Looking at the data on October 18, the Shiba Inu was pretty close to losing the critical range of $0.000010 after the price dropped as low as $0.000001007.
This time last year, the Shiba Inu made headlines in the cryptocurrency market and started to reap the benefits of the uptrend. This trend extended to the all-time high of $0.000088. However, 2022 brought the fall days back into play for SHIB and things didn’t go so well.
Are Good Days Coming for the Shiba Inu?
On the optimistic side, new buyers tend to flock to popular currencies like SHIB to invest when they are trading low. Most SHIB supporters continue to believe that this price drop will attract novice traders and investors to the Shiba Inu as it has a low price tag.
Koinfinans.com Looking at the price trades of the last three days, it can also be seen that the bulls managed to reach an intraday high of $0.0000104 before falling.
The Shiba Inu’s daily moving average slides down, while the RSI remains in the negative territory. If SHIB loses the key level of $0.0000010, the currency has the potential to drop to $0.0000092 and then to $0.00000712. However, if the bulls maintain control, the Shiba Inu will recapture $0.000012 and then $0.0000139.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.