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Shiba Inu (SHIB) 23% Plunge in 10 Days: What’s Happening?
In a recent market downturn, Shiba Inu (SHIB) has taken a significant hit, plummeting by an astonishing 23% within the span of just 10 days. This drastic decline has left many investors and enthusiasts wondering what is driving this sudden collapse.
According to Arman Shirinyan, trader and crypto expert, SHIB needs to reclaim its 26 EMA level at approximately $0.00002730 for a bullish scenario to take hold. Above that, if market sentiment improves, a push toward $0.00002850 and eventually $0.00003000 might be possible.
While SHIB is currently struggling with short-term difficulties, there is still some hope at the 50 EMA level. If buyers intervene and protect this support, the asset might recover and retest higher resistance levels. It’s crucial for investors to keep a close eye on this pivotal level, as a recovery from it could indicate that SHIB is ready to buck the current downward trend.
The cryptocurrency market is inherently unpredictable, and even experts like Arman Shirinyan can only provide insights based on available data. As of now, there are no clear indications of what specific factors have caused this substantial drop in value. It’s essential for investors to stay informed and vigilant as the situation develops further.
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Source: u.today
