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Shiba Inu Hits $0.00002 as Market Sell-off Escalates: Possible Scenarios
By Tomiwabold Olajide | Jan 14, 2025
As the crypto market continues to experience a sell-off, Shiba Inu’s price has plummeted to $0.00002. In this article, we will examine two possible scenarios for SHIB’s future price action.
Shiba Inu has been in a downward trend since December, with its recent fall to $0.00002 marking a new low. The market sentiment remains bearish due to the heightened risk aversion and global economic uncertainty.
Given the current scenario, there are two plausible scenarios for SHIB’s future price movement:
Scenario 1: Recovery Rally
As bears take control of the market, SHIB might be susceptible to further declines. However, a possible recovery rally could emerge if the cryptocurrency breaks out from its current low. If this happens, SHIB might bounce back and find support within its daily moving averages of 50 and 200.
In this scenario, we can expect some form of retracement as buyers re-enter the market. This rebound could be fueled by a combination of factors such as short-term optimism, improved sentiment, or even the emergence of new use cases. Keep in mind that any upside move would likely be limited due to SHIB’s current valuation and the overall bearish trend.
Scenario 2: Range Trading
Another possibility is that Shiba Inu will continue to trade within its daily moving averages of 50 ($0.00002499) and 200 ($0.00001895). If this happens, SHIB would be limited in terms of upward movement and could potentially range-trade for a while.
In this scenario, we may see some sideways price action as the cryptocurrency attempts to find support within these moving averages. This kind of trading environment would require careful monitoring of market sentiment and any potential developments that might influence SHIB’s value.
It is essential to remember that the crypto market remains highly unpredictable and sensitive to global events. Any news or development that could impact the market should be monitored closely, as they may significantly alter the trajectory of Shiba Inu’s price movement.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today.
Source: u.today
