There seems to be a turning point for Shiba Inu as it could soon see another zero added to its price. Following a brief spike, SHIB recently pulled back, suggesting that it is having difficulty keeping up its bullish momentum.
The meme token may experience further declines and move toward lower price levels as a result of overall market conditions and a lack of significant buying activity. Shiba Inu has already seen a large decline from its recent highs, and the current momentum indicates that more declines may be forthcoming.
SHIB/USDT Chart by TradingView
The stock is currently trading at $0.000018. Should the selling pressure persist, SHIB may decline even more, testing important support levels that could provide brief respite prior to any prospective recovery. The level of $0.00001685, a former resistance level that might now serve as a floor, is the first important support level to keep an eye on.
card
A more significant sell-off as traders look to reduce their holdings may occur if SHIB is unable to hold this level. At $0.00001572, which corresponds to SHIB's most recent consolidation zone, is the next significant support. There was some trading activity in this area, and a break below it could signal increased risk to the downside.
In the event that the decline persists past this moment, $0.00001438 is the third important support level to watch. Whether or not SHIB adds another zero to its price may depend on this level. SHIB would be at risk of falling into even lower price ranges and possibly adding another digit to its already low price if this zone is not held. This would probably result in a more significant correction.
