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Shiba Inu (SHIB) 23% Plunge in 10 Days: What’s Happening?
By Arman Shirinyan
In the past 10 days, Shiba Inu (SHIB) has seen a significant downturn of approximately 23%. This substantial decline has raised concerns about the future prospects of the cryptocurrency. As we dive into the market analysis and recent events, it becomes clear that the current situation is not without hope.
As per our previous analysis, SHIB needed to reclaim the 26 EMA level at around $0.00002730 for a bullish scenario to materialize. Unfortunately, this level was breached, leading to the aforementioned decline. It’s essential for investors to stay vigilant and keep an eye on the 50 EMA level. If buyers intervene and protect this support, SHIB might recover and retest higher resistance levels.
Despite the current difficulties faced by SHIB, there are still potential areas of growth that can be explored. In a bullish scenario, if the asset manages to push through $0.00002850, it could eventually reach $0.00003000. However, this would necessitate a substantial shift in market sentiment and a reevaluation of risk tolerance.
In conclusion, while the recent 23% drop is concerning, there remains room for growth and recovery if buyers can successfully protect the 50 EMA level. It’s crucial to keep an eye on market developments and adjust our expectations accordingly.
Source: u.today
