Shiba Inu Dips Below Crucial $0.000009: What Lies Ahead for SHIB?

• Shiba Inu Suffers Sharp Decline Amidst Widespread Cryptocurrency Downturn
• Impact of the Price Drop on the Meme Token
• Dogecoin February Price Forecast: Will Shiba Inu Plunge Further?
• The Potential Impact of Buying Interest on Shiba Inu's Performance
• Five Cryptocurrencies Under $0.10 That Could Rally Like Shiba Inu
• Shiba Inu's Trading Performance

Shiba Inu Suffers Sharp Decline Amidst Widespread Cryptocurrency Downturn

Shiba Inu$0.000010 -2.05%, the popular meme token, experienced a significant drop this week, breaking a crucial support level that had remained intact since mid-January. This downturn has raised concerns of a possible prolonged selling trend that could drive the token's value further down. The token dipped below the $0.000009 threshold amidst a wider cryptocurrency downturn, with Bitcoin$42,260 -0.64% fluctuating around the $39,000 mark.

Impact of the Price Drop on the Meme Token

The meme token's value decreased by nearly 8% over the past seven days, endangering key support levels. The downfall has dashed hopes that SHIB enthusiasts could leverage the $0.000009 level as a springboard once the markets eventually rebound. Instead, the price drop has created an opportunity to test new support tiers as suggested by market analysts.

Dogecoin February Price Forecast: Will Shiba Inu Plunge Further?

Currently, SHIB is barely holding above its 0.5 Fib line around $0.0000087. Continual pressure could potentially breach this support level, leading to additional sell-offs down to the highly symbolic $0.000008 figure, which served as resistance back in November of last year. To prevent this scenario, Shiba Inu needs to regain its former position at $0.000009 quickly. With Bitcoin also struggling to gain traction, analysts are not optimistic about the chances of major altcoins recovering lost ground in the near term.

The Potential Impact of Buying Interest on Shiba Inu's Performance

The interest in buying could also diminish further if lower support thresholds give way and confirm a technical breakdown. Without a quick reversal of this trend, SHIB is at risk of reverting almost to two-year lows.

Five Cryptocurrencies Under $0.10 That Could Rally Like Shiba Inu

As per the latest data, the important test for SHIB starts with defending the $0.0000087 support level in the coming days. A decisive daily close beneath this level could very well open the way to further weakening of defenses.

Shiba Inu's Trading Performance

CoinGecko data indicates that SHIB has been trading in the red. The meme coin, which ranks as the second-largest of its kind, has lost nearly 20% of its value in the last 30 days. From this point, only a sudden upsurge in buying interest and positive sentiment spurred by specific crypto developments could avert the meme coin's continuation of its extended crash from its all-time highs in 2021.

Edited by Jonathan Stoker