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Shiba Inu is in a dire state after the most recent price plunge. However, things may turn around quickly; the cryptocurrency market is certainly known for that. The key levels to watch if you are trying to catch the falling knife will most likely be $0.000018, $0.000015 and $0.0000096. Let's discover why.
First off, the significance of the $0.000018 level lies in the fact that it is the recent support level that SHIB must regain in order to exhibit any indications of a possible reversal. In the past, this level has served as a solid area of resistance and support. It is encouraging that SHIB is now consolidating at that level.
Furthermore, the weekly chart's 100 EMA indicates the $0.000015 level, which is a crucial technical indicator. A notable level of support or resistance is frequently the 100 EMA. If SHIB rises above this moving average, it might be an indication that the asset is starting to stabilize and could draw in more buyers. Preserving any bullish momentum and averting additional declines require holding above this level.
Finally, representing an important long-term support level is $0.0000096. For SHIB, this level stands as both a psychological barrier and a historical support area. Although a significant pullback from recent highs would be indicated by a drop to this level, long-term investors and those who have not yet received exposure to SHIB might find a compelling opportunity to purchase.
There is a good chance of a significant price reversal and a strong accumulation phase if there is a bounce from this level. The price action on the SHIB/USDT charts indicates that these levels are crucial. As seen by the RSI falling below 40 on both the daily and weekly charts, SHIB has entered oversold territory as a result of the recent downtrend, which is the first signal of a reversal.