Popular cryptocurrencies weakened sharply over the past 24 hours due to a sudden spike in volatility. The majority of the altcoins crashed due to the overall weakness in the cryptocurrency market. As a result of the ongoing marketwide dump, BTC’s 24-hour losses lay in excess of the 5% mark.
Among the top Altcoin, Ethereum has lost 6.1%. Meanwhile, Cardano Price is one of the worst performers with an 8% loss. Meme Coins After being trapped inside a tight trading range for several days gradually declined in price. DOGE Price has plunged 9% trading at $0.2174, SHIB Price dropped by 2% trading at $0.000007503.
Recently, Shiba Inu got listed on coinbase pro, and as a result, SHIB price surged more than 30 % in one day. Since the May crash, this was the highest single-day growth. With an extended rally, the token rose more than 55% from September 13th to 17th. However, the meme token failed to sustain the rally and retraced 17% since then the price is consolidating within the $0.00000963 level.
Shiba Inu Price Analysis
At Press time the Dogekiller dropped by 2% trading at $0.000007503. SHIB made a false breakout of the resistance at $0.00000793 it seems that sideways trading is relevant. The immediate support lies at $0.0000062, in case the SHIB Price drops below this level we can expect an extended bearish trend.
Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.
Will SHIB Price Reach $0.00001115 ?
The meme token is currently consolidating between the $0.00000768 and $0.00000835 levels as the buying pressure is in the same league as selling pressure. Thus, we may expect the SHIB price to rally and test the major resistance level at $0.00000963. On a successful breakout, an extended uptrend can take the token price to $0.0000101 which is quite unlikely looking at the current market sentiments.
On the flip side, if the SHIB price fails to hold $0.00000768 support, the price may drop near the $0.00000654 support level with a more than 15% plunge. However, the extended bearish trend can take the price down to the $0.00000549 level.