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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Will Shiba Inu Reclaim $0.000012? SHIB Eyes Retest After Key Support Breakdown

Godspower Owie
Godspower Owie
2 months ago
3 mins read
Shiba Inu

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Shiba Inu is at a make-or-break moment as it struggles to recover from a recent support breakdown. The price drop has shaken bullish sentiment, raising concerns about further losses if buyers fail to regain control. Now, SHIB eyes a potential comeback, aiming to reclaim the $0.00001272 level, which has turned into a key resistance zone.

Buying momentum must increase for a rebound to gain traction, pushing SHIB above this crucial barrier. However, if bearish pressure persists, the price could face another downward move, leading to deeper losses. 

SHIB Loses Crucial Support

Shiba Inu recently faced a significant setback as its price broke below the critical support level of $0.00001272. This level had previously acted as a strong floor, providing stability during market volatility. However, increasing selling pressure and bearish market sentiment pushed SHIB below this key threshold, signaling a potential shift in momentum.

Related Reading

Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For

4 months ago

Following the breakdown below the $0.00001272 support level, SHIB is attempting to retest this crucial zone. For SHIB, reclaiming this level might signal a reversal, restoring confidence among investors. Nonetheless, failure to break back above $0.00001272 may reinforce bearish momentum, leading to further declines.

Shiba Inu
SHIB attempting a rebound | Source: SHIBUSDT on Tradingview.com

Despite the ongoing retest attempt, technical indicators reveal weak bullish momentum, raising concerns about SHIB’s ability to recover. The MACD line and the signal line remain below average. Additionally, SHIB continues to trade below the 100-day SMA, reinforcing seller dominance.

However, if the bulls manage to push SHIB’s price above the $0.00001272 resistance level and reclaim the 100-day Simple Moving Average (SMA), it could signal a trend reversal. A successful breakout above these key levels may attract renewed buying interest, strengthening upside movements to challenge higher resistance levels such as $0.00001703 and $0.00002045.

Downtrend Concerns: Will Shiba Inu Face More Losses?

Shiba Inu remains under bearish pressure, sparking doubts about this current bullish recovery. With SHIB trading below key resistance levels and the MACD signaling weakness, sellers currently have the upper hand. Failure to break above the $0.00001272 resistance zone could accelerate losses, pushing SHIB toward lower price levels.

Related Reading

SHIB stabiel terwijl bekende crypto memes dalen – kan Shiba Inu 1 euro worden?

Shiba Inu Targets Fresh Highs As SHIB Undergo A Rebound At $0.00002045

4 months ago

If this scenario unfolds, SHIB is likely to test the $0.00000847 support level. Breaking below this key zone may trigger an extended sell-off, potentially pushing the price toward the $0.00000534 support area. 

Such a drop could indicate growing bearish dominance, shaking investor confidence, and leading to increased selling pressure. For SHIB to avoid deeper losses, buyers must step in at these crucial levels and prevent the meme coin from entering a prolonged downtrend phase.

Shiba Inu
SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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