Shiba Inu plunges under $0.000015 amid the broader market crash. Will the increased supply drop SHIB to $0.000010?
As Bitcoin plunges under the $89,000 mark, the meme coin segment is down to $55.04 billion. With an overall segment drop of 12.89%, Shiba Inu is down nearly 10% over the past few hours.
With the increasing selling pressure, is Shiba Inu likely to test the $0.000010 psychological support? Let’s find out.
SHIB Price Plunges 11.77%: More Pain Ahead?
As the broader market falls, Shiba Inu marks an 11.77% drop last night. Under the influence of the 20-day EMA acting as dynamic resistance, the meme coin extends its downward trend.
After an intraday fall of 2.27%, Shiba Inu is currently trading at $0.000013333. Shiba Inu’s overnight downfall marked the lowest closing price since September 18, 2024.
With the increased bearish influence, the 100-day and 200-day EMA lines have given a negative crossover. Furthermore, the MACD and Signal lines have also given a negative crossover.
As Shiba Inu continues breaking critical support levels, the price is approaching a descending trendline for potential support. Furthermore, Fibonacci projections suggest a potential decline toward the $0.00001078 support level.
Whale Holdings Amid Shiba Inu Decline
During the recent market crash, whale holdings of Shiba Inu took a quick plunge. According to IntoTheBlock, the total Shiba Inu whale holdings in USD have dropped significantly over the past week.
On February 17, wallets with a Shiba Inu holding worth more than $100,000 were at $15 billion. However, with the recent plunge, their values have crashed to $12.98 billion. As whales flood the market with excessive supply, the downfall in the meme coin is expected to continue.
Shiba Inu at a Crossroads: Is $0.000010 Next?
Hence, with the technical indicators triggering a sell signal and whales offloading in the market, the Shiba Inu market price is expected to retest the $0.000010 psychological mark.
Providing some hope, the descending support trendline remains the last bullish element for a reversal rally. However, the reversal rally will likely face resistance near the $0.000015 psychological level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
