Shiba Inu plunges under $0.000015 amid the broader market crash. Will the increased supply drop SHIB to $0.000010?
As Bitcoin plunges under the $89,000 mark, the meme coin segment is down to $55.04 billion. With an overall segment drop of 12.89%, Shiba Inu is down nearly 10% over the past few hours.
With the increasing selling pressure, is Shiba Inu likely to test the $0.000010 psychological support? Let’s find out.
SHIB Price Plunges 11.77%: More Pain Ahead?
As the broader market falls, Shiba Inu marks an 11.77% drop last night. Under the influence of the 20-day EMA acting as dynamic resistance, the meme coin extends its downward trend.
After an intraday fall of 2.27%, Shiba Inu is currently trading at $0.000013333. Shiba Inu’s overnight downfall marked the lowest closing price since September 18, 2024.
With the increased bearish influence, the 100-day and 200-day EMA lines have given a negative crossover. Furthermore, the MACD and Signal lines have also given a negative crossover.
As Shiba Inu continues breaking critical support levels, the price is approaching a descending trendline for potential support. Furthermore, Fibonacci projections suggest a potential decline toward the $0.00001078 support level.
Whale Holdings Amid Shiba Inu Decline
During the recent market crash, whale holdings of Shiba Inu took a quick plunge. According to IntoTheBlock, the total Shiba Inu whale holdings in USD have dropped significantly over the past week.
On February 17, wallets with a Shiba Inu holding worth more than $100,000 were at $15 billion. However, with the recent plunge, their values have crashed to $12.98 billion. As whales flood the market with excessive supply, the downfall in the meme coin is expected to continue.
Shiba Inu Balance by Holdings
Shiba Inu at a Crossroads: Is $0.000010 Next?
Hence, with the technical indicators triggering a sell signal and whales offloading in the market, the Shiba Inu market price is expected to retest the $0.000010 psychological mark.
Providing some hope, the descending support trendline remains the last bullish element for a reversal rally. However, the reversal rally will likely face resistance near the $0.000015 psychological level.
