Shiba Inu (SHIB) Price Slips Below Key Level – Is a Bigger Move About to Unfold?

Shiba Inu has dipped under $0.0000060, a price area that kept catching the recent pullbacks. That cushion is gone for now. The SHIB price is trading at $0.00000592, sitting just below a level that had been doing most of the heavy lifting on the chart.

That changes the short-term picture and puts pressure back on buyers. This drop didn’t come out of nowhere. The chart has been weakening for a while.

However, if you look closely, the SHIB price has been printing lower highs since its last bounce. Every push upward faded quicker than the one before. Momentum has been drying up step by step.

On February 23, the 200-day moving average crossed above the 50-day moving average. That crossover confirmed what price action had already been showing, strength was fading and sellers were gaining control.

After that move, the SHIB price dropped directly to the $0.0000060 region. It rebounded, but the momentum was weak. Price never managed to break back above the 50-day average with authority. Instead, that line now sits overhead as resistance.

Source: X/TheCryptoBasic

$0.0000060 Was Holding the Floor For Shiba Inu

That level wasn’t random. It had been tested multiple times and buyers defended it each time. When a level like that gives way, it usually changes the tone of the chart.

Right now, SHIB is trading slightly below it. If this level flips into resistance, downside targets come into focus quickly.

The next support areas sit around $0.0000057 and then $0.0000050. Both zones align with previous reaction points. If sellers press the move, those levels could be tested sooner than expected.

Volume also tells a simple story: drops have been stronger than rebounds. Buyers have not stepped in aggressively.

Read Also: The Next Few Days Will Decide Whether XRP Price Breaks $2 or Falls Back to $1

What Would Improve the SHIB Setup

For the current state to normalize, the price of Shiba Inu must move above $0.0000060 and support it. A quick reclaim followed by consolidation would reduce immediate downside pressure.

In this case, the resistance levels to watch are $0.0000066, $0.0000072, and $0.0000078. Those are the areas where price previously rolled over.

The 50-day moving average also needs to be reclaimed. Until that happens, rallies may continue to stall.

Decision Time for SHIB

At this stage, the price is bearish. The price has been trending down, the supporting level has been broken, and the moving averages are no longer supporting the price.

However, this does not mean that the price will now crash. Crypto markets can snap back fast, especially if a level is reclaimed quickly.

But if the level of $0.0000060 continues to be the level of resistance for the Shiba Inu price, then there are more chances of the price crashing.

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The post Shiba Inu (SHIB) Price Slips Below Key Level – Is a Bigger Move About to Unfold? appeared first on CaptainAltcoin.