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Shiba Inu Hits $0.00002 as Market Sell-off Escalates: Possible Scenarios
Shiba Inu (SHIB), the popular cryptocurrency, has recently hit a new low of $0.0000249 amid an ongoing market sell-off. As investors grapple with the uncertainty surrounding the crypto market’s near-term prospects, it is essential to identify potential scenarios that may shape SHIB’s future trajectory.
One possible outcome for SHIB is that it may continue its downward trend until it reaches a floor level. In this case, the asset could potentially bounce back as a result of the current market sell-off being overdone. This scenario suggests that the cryptocurrency’s value would stabilize at around $0.0000211 to $0.0000249 and then recover once the market stabilizes.
Another possibility is that SHIB might fall short of reaching its previous low due to strong support from the 200-day moving average, currently located at $0.00001895. This level has acted as a crucial pivot in the past for SHIB’s price action. In this case, the asset could potentially consolidate around this area before any further downward movement.
Lastly, it is not entirely impossible that SHIB enters a recovery rally due to the sudden reversal of sentiment and change in investors’ risk tolerance.
Source: u.today
