Shiba Inu, the popular dog-themed cryptocurrency, currently stands at a crucial juncture, facing a "make-or-break" moment that will determine its short-term price trajectory. Following a broader crypto market downturn characterized by significant liquidations, SHIB's price has dipped to a critical support level, leaving investors to ponder two distinct possibilities for its immediate future.
The Precipice for Shiba Inu
The cryptocurrency market experienced a sharp sell-off, with hundreds of millions in long positions liquidated, pulling most major digital assets, including Shiba Inu, downwards. SHIB's price has recently fallen to approximately $0.00001041, representing a significant weekly drop. This specific price point is identified as a make-or-break level, where sustained bearish pressure could lead to a further decline, potentially adding an extra zero to its valuation.
Two Potential Futures
From this critical support, two primary scenarios emerge for Shiba Inu. On one hand, a failure to hold the $0.0000102 support level could see SHIB's price fall further, potentially targeting lows around $0.00000959 or even $0.0000085, which was a floor during a previous crash. This scenario would effectively add an extra zero to its price. Conversely, if bulls successfully defend the $0.00001 support and buying pressure returns, Shiba Inu could stage a reversal. A bounce from this level would aim to challenge resistance at the daily moving averages, specifically $0.0000123 and $0.00001286, potentially initiating a fresh upward movement for the altcoin.
