Shiba Inu Price at $0.00001701: Testing Key Support
Shiba Inu’s price is currently hovering at $0.00001701, a level it has hit multiple times over recent weeks. This critical support has shown resilience, with SHIB rebounding each time it touches this price point. However, the continued pressure on the broader crypto market has investors questioning whether this support can hold much longer.
SHIB/USD 1-day chart - TradingView
Ongoing Downtrend for SHIB: Will It Break Lower?
Despite the bounces from the $0.00001701 level, Shiba Inu appears to be in the early stages of a broader downtrend. Recent technical indicators suggest bearish momentum is forming, putting downward pressure on SHIB’s price. If this trend solidifies, we may see a break below current support, sending the token lower in the coming days.
Bitcoin’s Decline to $60K Adds Pressure
Shiba Inu’s struggles are mirrored across the crypto market, with Bitcoin (BTC) also experiencing a significant drop. Bitcoin, which recently fell to the $60,000 mark, is currently trading around $60.8K. Bitcoin’s influence over the broader market means its performance can drive price movements for other assets, including SHIB.
Top 5 Cryptos by market cap - coinmarketcap
Shiba Inu Price Prediction: SHIB Price Targets for October 2024
Looking ahead, if Shiba Inu’s downtrend continues, we could see the price target the next key support levels at $0.00001550 and $0.00001500. Traders will be watching these levels closely, as breaking below them could trigger further declines, pushing SHIB into a deeper bearish phase.
SHIB/USD 1-day chart - TradingView
