33% Crash Looming? Shiba Inu (SHIB) Price Targets $0.00001251 Amid Market Pressure – BitRss

Shiba Inu (SHIB ($0.00)), the popular meme-inspired cryptocurrency, currently faces a challenging situation in the market. The price recently dropped below the crucial $0.00002 support level, signaling increasing bearish pressure. Despite a brief recovery, SHIB struggles to regain momentum, leaving investors concerned about a possible 33% decline.

Bollinger Bands Highlight Bearish Momentum

The Bollinger Bands, a well-known tool created by John Bollinger, reveal SHIB’s increasing volatility. This indicator includes a middle line representing the 20-day moving average and two outer bands that track price divergence. When the bands widen, they signify growing volatility, while a narrowing suggests stability. Currently, SHIB’s price remains below the middle line, indicating a bearish bias.

Shiba Inu Price Analysis. Source| TradingView

After losing the $0.00002 support, SHIB briefly rebounded to $0.00001884, recovering 8% from a weekly low of $0.0000173. However, the rebound failed to regain the midline of the Bollinger Bands, confirming weak buying interest. With the lower band positioned at $0.00001251, this level now acts as a magnet for further price action.

Failed Recovery Signals Limited Buying Power

SHIB’s inability to reclaim $0.00002 highlights limited enthusiasm among buyers. The market conditions reflect an ongoing struggle to overcome resistance at the 20-day moving average. Despite the brief price bounce, bearish sentiment continues to dominate the market.

The failure to break above key resistance levels further weakens investor confidence. As a result, traders now anticipate extended downward movement toward the lower Bollinger Band at $0.00001251. This scenario implies a potential 33% price drop from current levels, signaling a grim outlook for SHIB in the short term.

33% Drop Looms if Sentiment Remains Bearish

The likelihood of SHIB revisiting $0.00001251 remains high if the bearish momentum persists. A move to this level would represent a 33% decline, further eroding market confidence. However, the decline may occur gradually rather than as a sudden crash, given the weekly time frame of the analysis.

For SHIB to avoid this bearish scenario, the price must reclaim the $0.00002 support level. Reaching the upper Bollinger Band at $0.0000312 would require overcoming several resistance points. Without significant positive developments, the downward trend seems more probable.

What Could Trigger a Rebound?

While the bearish outlook dominates, a reversal remains possible if SHIB reclaims lost ground. To regain momentum, the token must first break above the 20-day moving average. Achieving this would likely encourage more buyers to enter the market, providing support for a potential rally.

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If SHIB manages to reclaim $0.00002, it could target the upper Bollinger Band at $0.0000312. Such a move would represent a 65% rally from the current price, offering hope to investors. However, this optimistic scenario depends on broader market sentiment and fundamental developments within Shiba Inu’s ecosystem.

Key Levels to Watch

Traders should monitor several key price levels to assess SHIB’s direction. The $0.00002 resistance remains the most critical hurdle in the near term. Breaking above this level would likely shift market sentiment, potentially triggering a bullish rally.

On the downside, the $0.00001251 level acts as a crucial support zone. If SHIB approaches this level, the likelihood of a 33% drop increases significantly. Until the market provides clearer signals, these levels remain the main points of interest for investors.

Shiba Inu currently faces a tough battle against bearish market conditions. The loss of the $0.00002 support level and the failure to reclaim it leave SHIB vulnerable to further declines. Technical indicators suggest that the price could drop to $0.00001251, representing a 33% decline from current levels.

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While a recovery to $0.0000312 remains possible, it depends on SHIB reclaiming $0.00002 and overcoming bearish resistance. Until then, investors should remain cautious and closely monitor market developments. With the $0.00001251 level acting as a strong downside magnet, SHIB’s future depends on its ability to reverse the current trend.

The post 33% Crash Looming? Shiba Inu (SHIB) Price Targets $0.00001251 Amid Market Pressure appeared first on FXcrypto News.