The meme cryptocurrency Shiba Inu is facing selling pressure, which could lead to a decrease in its value and the addition of another zero. While it is on the verge of a historical low, the asset still has chances for recovery.
Current Market Situation
Shiba Inu is trading at $0.00001271, significantly down from its recent highs. Bearish sentiment dominates the market, setting the stage for adding another zero to its price.
Key Support and Resistance Levels
Amid the loss of important moving averages, including the 50-day and 200-day EMAs, SHIB finds itself at one of its powerful historical support levels. Breaking above this level could stabilize the situation.
Potential for Recovery
Despite current challenges, decreasing trading volumes may indicate weakening selling pressure. This gives hope for SHIB's recovery to $0.00001400 and above if buyers can regain control.
SHIB is at a critical juncture. Current support offers hope for recovery. The question is whether buyers can hold these positions or if further declines are in store.
