SHIBA INU PRICE ANALYSIS CMP-$0.000010000: "Is SHIB poised for another rally, or is it time to short this meme coin?"

The daily chart above shows the emergence of the

 'Adam & Eve' trend reversal pattern. The price of (SHIB) is now hovering at an important Fib support level.

Shiba Inu (SHIB) coin has recently undergone a substantial decline, plummeting below the crucial support level of $0.00001000. Although there is a possibility of a corrective surge, it is crucial to acknowledge that any upward momentum may be limited by the $0.000012000 threshold.

The price of SHIB has hit a major roadblock in its upward climb, as it was unable to break through the resistance zone of $0.000012000. This has resulted in a surge of selling pressure, leading to a drop below the critical support level of $0.000010800.

The price has recently dropped below a crucial support zone, resulting in a new monthly low of around $0.000009648. At present, the price is consolidating its losses and trading below both the $0.000010200 level and the 21-hourly simple moving average. 

The immediate hurdle at the $0.000010400 level. Once that is out of the way, we can focus on the first major hurdle, which is located near $0.000010600. If we can successfully break through this barrier, it has the potential to ignite an upward surge in the price. In fact, if the token can sustain itself above $0.000010600, we could see the price soar as high as $0.000011200. And if that happens, there is a strong possibility that we could see further advances that would propel the price to the $0.000011800 barrier.

If SHIBA fails to break above the $0.000010600 barrier, it may continue to decline. This is a critical level to watch, as it could signal a bearish trend for the coin.  On the downside, the major support level is at $0.000009600. If the price falls below this level, selling pressure could intensify, potentially pushing SHIBA towards the $0.000009200 support zone in the near term. In the aforementioned scenario, the price of SHIBA may fall in the short future towards the $0.000008500-$0.000008000 support zone.

According to Price Analysis, the market capitalization of this SHIBA INU is expected to be $5,545,103,758. The coin's 24-hour trading volume is nearly $348,892,142.

KEY LEVELS :

RESISTANCE LEVEL : $0.000010500-$0.000011000

SUPPORT LEVEL : $0.000009500-$0.000009200

In February, the Shiba Inu coin displayed a descending triangle pattern, signalling a bearish trend in the cryptocurrency market. This has raised concerns that the coin may lose its psychological support at $0.00001 during a market sell-off. The question on everyone's mind is whether the coin can bounce back from its current state or if the downward trend will continue. We welcome your thoughts and opinions on this matter in the comments section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.