8 April SHIB Price Outlook: Will $0.000010 Be the Key to SHIB’s Survival?

8 April SHIB Price Outlook: Will $0.000010 Save the Meme Coin from a Price Drop?

Due to intense selling pressure, the price of Shiba Inu has been trading in recent days close to the psychologically crucial $0.000010 mark. SHIB is exhibiting remarkable fortitude amongst the ongoing market turbulence, holding steady at approximately $0.00001137 at the time of writing. The meme coin’s lifeline has traditionally been this crucial support area.

A price chart analysis shows that SHIB has challenged this support zone multiple times over the past 12 months, establishing a horizontal baseline that serves as the last line of defense before the token’s price plummets for a second time. It appears that investors with long-term potential are applying significant accumulation pressure because each time this level was achieved, it was followed by an optimistic bounce.

Shiba Inu’s Price Action: Could It Defy Market Trends and Avoid Adding Another Zero?

Notably, despite major market-wide liquidation events and the collapse of other cryptocurrencies below critical support, SHIB is not only surviving but also stabilizing at the present time. The Relative Strength Index (RSI) has entered the oversold area (35), suggesting that a recovery may be possible if market sentiment continues to improve.

SHIB’s next major resistance level is situated at or close to $0.0000128 and $0.0000138. In the event that there is a good breakout above these levels, the 50-day moving average, which is now trading near $0.000015, might test again. If SHIB can hold its position above its important support and bearish momentum fades, the meme coin might avoid the awful scenario of adding another zero.

For more up-to-date crypto news, you can follow Crypto Data Space.