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Shiba Inu (SHIB) hovers on a razor's edge after a steep 8.38% plunge shook its long-held support level. While buyers managed to push it back above this zone, SHIB's price trajectory hangs in the balance, with traders eyeing a decisive move.
Crypto Market Suffers a $161 Billion Blow as Bitcoin Leads Losses
Cryptocurrency prices fell at the start of the new week on the market, capping off a string of gains since November.
When we look at the numbers, we see that the entire cryptocurrency market lost $161.38 billion at its worst point in the fall. Bitcoin (BTC), which dropped six figures and is now trading at $99,000, accounts for more than 60% of that loss.
Even more severely hit were altcoins, with several achieving key support levels that, if broken, may temporarily dampen their growth potential.
Specifically, the cryptocurrency Shiba Inu (SHIB), which is based on memes and has been popular since early December, dropped 8.38% from its peak at the start of the day and briefly dipped below a significant support zone at $0.00002948.
Shiba Inu Price Rebounds From Critical Support Zone
Nevertheless, purchasers demonstrated their optimistic intentions and drove the price of SHIB back above support, enabling the token to sustain the positive bias that was formed in early November.
The current state of affairs is precarious, though, and just a few percent change in the value of the Shiba Inu token can affect how investors feel about the asset.
Currently, SHIB is only available in two possible configurations. The first is that the meme cryptocurrency's March triumph, when its price reached $0.00004567, could be repeated if the Shiba Inu token price stays here, U.Today shares.
Future Prospects for Shiba Inu: New Highs or a Painful Drop
Given that the present one is at $0.00008845, future prospects are considerably more promising and may even involve establishing a new record high.
The possibility that SHIB may breach a key support level is another possibility. Just like in March, the meme cryptocurrency might take a nosedive to $0.000024 if this happens.
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