Shiba Inu Crashes to $0.00000666: Why This Unusual Price Point Matters

Shiba Inu saw a price drop alongside the rest of the crypto markets, now trading at a price point that commands attention on the market: $0.0000666.

Numbers such as 666 often draw attention on the market; for instance, Bitcoin’s 666,666th block was noticed, in which a rare and symbolic message was embedded, a biblical verse: “Do not be overcome by evil, but overcome evil with good.”

Some believe 666 represents life because carbon, the element that forms the basis of life, has 6 protons, 6 neutrons and 6 electrons.

For Shiba Inu hitting the $0.00000666 price point, the significance goes beyond the numbers 666, but from more of a technical perspective.

Following the recent crash on the market that wiped out hundreds of millions of dollars in crypto positions, Shiba Inu finds itself trading in a price range that preceded its rise in late 2023. The $0.00000666 price point forms part of this support range, with the crypto community now watching for what comes next.

SHIB in red as market drops

Shiba Inu fell for five days at a stretch, reaching a low of $0.00000616, last seen in October 2023 — at one point during the drop.

The drop follows a broader decline on the market, which has persisted in recent weeks.

The crypto market extended its sell-off over the weekend, with $825.51 million in leveraged positions wiped out in the last 24 hours, according to CoinGlass data.

Shiba Inu has dropped since Jan. 5 high of $0.00001008, with RSI indicators now near oversold levels at 30, hinting at the possibility of a relief rally in the coming sessions.

In the event of a rebound, Shiba Inu might target $0.00000785, $0.00001008 and then $0.00001047. Support lies next at $0.0000055 if the declines continue.

Source: https://u.today/shiba-inu-crashes-to-000000666-why-this-unusual-price-point-matters