The price of Shiba Inu is about to drop by another zero due to strong selling pressure. After battling for months, SHIB has lost the majority of its previous gains and is now at its lowest point in recent history. Because bearish sentiment is still dominating the market, the meme coin is currently trading at $0.00001271, a significant drop from its highs.
According to its price action, SHIB is perilously close to dropping below a crucial psychological threshold. An important setback for the asset would occur if SHIB were to fall into the $0.000009 range, essentially adding another zero to its price if the downward trend persists.
SHIB/USDT Chart by TradingView
The continuous bearish momentum is further supported by the loss of important moving averages, especially the 50-day and 200-day EMAs. Nonetheless, SHIB may still be able to escape this fate. One of the asset's most powerful historical support zones is the current price level. We might witness a relief rally that drives SHIB back toward $0.00001400 or higher if bulls intervene and defend this level.
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A break above this range would indicate that sellers are finally losing ground, which could lead to a recovery. The possible bear fatigue is a good indicator for SHIB. Volume has been declining along with the recent decline, which may indicate that selling pressure is abating. Buyers taking back control could cause SHIB to level off and resume its upward trend.
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The key question for the time being is whether the asset can maintain its current level of support or if it gives way to additional declines. SHIB is at a critical juncture. Strong support levels and bears' fatigue offers hope for a possible recovery, but a further drop could see the meme coin add another zero to its price. SHIB may still see a bullish turnaround if it can hold above $0.00001200 and recover lost ground.
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