It appears that there is a turning point for Shiba Inu $SHIB where it may soon add another zero to its price. After a slight rise recently, the coin has seen a pullback, indicating that it is struggling to maintain its upward momentum.
The meme coin could face further declines and move towards lower price levels due to the overall market conditions and the absence of strong buying activity. Shiba Inu has already seen a significant decline from its recent highs, and the current momentum suggests that further declines could be on the way.
$SHIB is currently trading at $0.000018. If the selling pressure persists, the coin could fall further, testing important support levels that could provide some temporary calm before any potential recovery. The $0.00001685 level, which was previously a resistance level, is the first important support level to watch.
If $SHIB cannot hold this level, a larger sell-off could occur as traders seek to reduce their holdings. The next major support level is at $0.00001572, which represents the recent consolidation area for SHIB. There has been some trading activity in this area, and a break below this level could indicate increased risk towards the downside.
If the decline continues past this point, the $0.00001438 level is the third important level to watch. Whether SHIB will add another zero to its price may depend on this level. If this level is not held, the coin could be in danger of sliding to lower price levels and adding another number to its already low price. This could potentially lead to a more significant correction.
