Shiba Inu is experiencing heightened volatility due to current market uncertainty. Recent weeks have seen significant sell-offs resulting in crypto liquidation worth millions.
Current State of the Crypto Market
After a strong start to the year, Bitcoin fell below its $100,000 high, hitting the lowest levels of 2023. Shiba Inu wasn't spared from the downtrend, hitting lows of $0.00002 on January 8. Nevertheless, by Friday and Saturday, Shiba Inu started to rebound, reaching an intraday high of $0.00002216. As of writing, SHIB had risen by 1.53% over the past 24 hours to $0.00002183, but it was still down by 11.12% over the past week.
Where is the Next Support Level?
On-chain data indicates that a significant support level for SHIB could be where 532 trillion tokens were bought. This range, between $0.000014 and $0.000019, involves 133,600 addresses. It may offer stability as holders are unlikely to sell if the price stays above this band.
Risks and Future Projections
A minor support zone exists between $0.000019 and $0.000021, where 18.2 trillion SHIB was purchased. This zone may not be as reliable. The RSI indicator has dipped below the midpoint on the daily chart, indicating market weakness. The future trajectory of the meme coin remains uncertain.
In the midst of market volatility, Shiba Inu is showing signs of weakness, yet significant support volume might prevent drastic declines. Investors continue to keep a close watch on the evolving situation.
