Key Shiba Inu Levels to Watch as SHIB Dips to $0.000013

Shiba Inu drops 9% over a 24-hour period to touch the $0.000013 price, essentially triggering new support and resistance levels to watch out for.

Expectedly, the market downtrend has impacted mainstream altcoins, with Shiba Inu (SHIB) experiencing some of the burns. Over the past three days, SHIB has lost $2.31 billion from its market cap, which has collapsed below $10 billion to $7.87 billion. Notably, the valuation of the top 125 altcoins has also dropped by $155 billion to $870 billion.

Shiba Inu Gives up $0.000015 and $0.000014

Following the drop below $0.000016, Shiba Inu looked to mount a more robust support at $0.000015. The Crypto Basic confirmed that this level features a demand wall with 91.7 trillion SHIB tokens. However, as the BTC selling pressure impacted SHIB, this support broke. Notably, Bitcoin saw a series of selloffs yesterday, triggering its rapid drop and a market contagion.

Discouragingly, this contagion spread further overnight, with Shiba Inu giving up the $0.000015 and $0.000014 support thresholds at once. In a report this morning, The Crypto Basic identified Bitcoin’s steep drop below $54,000 as the culprit. In addition to this, Shiba Inu is equally witnessing selling pressure, with liquidations exceeding $2 million.

With the drop below $0.000015 and $0.000014, Shiba Inu has now triggered new resistance and support levels. These levels are capable of dictating its price direction in the short and mid-term, making them worthy of note. 

New SHIB Levels to Watch

For one, SHIB has slumped below the lower Bollinger Band at $0.00001437. The asset must reclaim this price level to grant enough strength to the bulls for a push toward full recovery. Failure to accomplish this could lead to steeper price declines. 

A recovery of the lower Bollinger Band would bring Shiba Inu face-to-face with the 23.6% Fibonacci retracement level. This level rests on $0.00001663 and is crucial for a reclamation of the 20-day SMA ($0.00001735).

Once SHIB towers above the 20-day SMA, its short to mid-term momentum is likely to shift from bearish to bullish. If bulls receive a sufficient push from the sustained buying pressure, Shiba Inu will aim for Fib. 0.382, currently aligned at $0.00001911. This level is pivotal for a pump above the psychological $0.00002 threshold.

However, the $0.000015 to $0.000019 price range is likely to mount the fiercest roadblock to the recovery campaign. IntoTheBlock’s GIOM metric confirms that this level features a supply wall with over 437.32 trillion SHIB. This represents the largest volume for any resistance level on Shiba Inu’s path to recovery.

Following a breach of $0.000019, there is likely to be minimal resistance. However, with the upper Bollinger Band resting on $0.00002042, Shiba Inu might have trouble breaking above here.

On the flip side, bulls need to ensure they hold their ground against any steeper drops. The overall crypto market would play a vital role in the next direction amid Bitcoin’s volatility. Bulls need to defend the $0.00001262 level fiercely to hedge against steeper drops. The 155.9 trillion SHIB support at $0.00001 could be instrumental in this defense.