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Shiba Inu (SHIB) Crashes Dramatically, Losing 20%
The price of Shiba Inu (SHIB), a popular meme-based cryptocurrency, has taken a drastic turn for the worse. After a significant drop in recent days, SHIB’s value has plummeted by an astonishing 20% in just a short period.
According to data provided by various crypto tracking sources, SHIB’s price has tumbled from its previous level of $0.00002144 to as low as $0.00001714. This unprecedented decline has left many investors and traders stunned, wondering what may be driving such a drastic downturn.
Technical analysis suggests that the cryptocurrency has entered an oversold situation, with most indicators pointing towards a short-term reversal being highly unlikely. The lack of robust buying activity in this market could lead to further declines, potentially even testing even lower levels around $0.00002044.
If SHIB fails to recover the 50 EMA as support, it may continue to slide and test the critical level at the 200 EMA, which sits at a price of approximately $0.00001714. In the absence of a wider market recovery or renewed buying interest, the asset could further decline in value.
It’s worth noting that meme-based cryptocurrencies like SHIB are notorious for their high volatility and lack of real-world use cases, making them more susceptible to sudden and drastic movements in price.
SHIB enthusiasts should be prepared for even more turmoil if the cryptocurrency fails to find support at its current levels.
Source: u.today
