Shiba Inu Faces Crucial Support Level Amid Market Downturn

Shiba Inu is currently testing a critical support level, with its next move dependent on market conditions.

The broader cryptocurrency market saw over $662 million in liquidations, impacting Shiba Inu's price action.

If Shiba Inu manages to hold support, it could reverse higher, with key resistance levels at $0.0000123 and $0.00001286.

Shiba Inu (SHIB) is currently at a crucial price level that could determine its next move in the volatile crypto market. After a weekend sell-off, triggered by global trade tensions, many cryptocurrencies, including Shiba Inu, have experienced significant price drops. The broader market, which saw over $662 million in liquidations, is continuing its downward trend, with Shiba Inu following suit.

The cryptocurrency market has struggled this week, largely due to the ripple effects of a historic liquidation event. On October 10, around $19 billion worth of leveraged positions were liquidated. Shiba Inu was one of the coins hit hardest, continuing to drop in value as the market correction unfolded. This has led SHIB to reach a make-or-break price level that investors are closely watching.

Shiba Inu's Price: A Make-or-Break Moment

At the time of writing, Shiba Inu is trading at $0.00001041, down nearly 5% in the past 24 hours and 18% on the week. This price point is seen as critical for the token's future, as it either holds strong or risks a further drop. If the price falls below its current support level of $0.0000102, there is a chance that Shiba Inu could add another zero to its value, pushing it toward the $0.00000959 or even the $0.0000085 mark.

Source:TradingView

However, despite the bearish sentiment, Shiba Inu has not yet succumbed to further losses. The token has managed to hold its ground at the key support level, resisting attempts from bears to push the price lower. If buying pressure returns and bulls manage to keep the price above $0.00001, SHIB could see a reversal.

Next Resistance Levels for Shiba Inu

For Shiba Inu to shift its momentum, it must first overcome key resistance levels. The 50-day and 200-day moving averages at $0.0000123 and $0.00001286, respectively, could be the next targets if the price sees a recovery. These levels are critical for determining whether Shiba Inu can regain upward momentum or continue its struggle in a declining market.

Shiba Inu faces a pivotal moment as it tests critical support levels following a major crypto market downturn. Investors are watching closely to see whether the token can hold its ground or face a further decline.

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