Shiba Inu Tests Key Support Zone at $0.0000215 to $0.0000193
Shiba Inu has experienced a decline of over 44% since its local high in early December, leading to uncertainty among investors about its recovery potential. Analyst Ali Martinez identifies a critical support zone between $0.0000215 and $0.0000193, which is essential for SHIB's price trajectory. If the token holds above this range, it could initiate a rally; failure to do so may result in further losses.
Shiba Inu Holding Key Demand
Shiba Inu remains significant for meme coin enthusiasts due to its resilience and potential for gains. Following a breakout post-election, interest from retail investors has increased. Martinez emphasizes the importance of the support zone between $0.0000215 and $0.0000193, suggesting that maintaining these levels could generate buying pressure and excitement within the community.
However, Shiba Inu faces competition from emerging meme coins, necessitating strong community support and strategic developments to remain relevant.
Technical Analysis: Key Levels To Watch
Currently trading at $0.00002117, Shiba Inu is holding the 200-day EMA at $0.00002059 as a key support level. This indicator is significant in technical analysis, implying that sustaining above it may signal a potential price surge and foster optimism among traders.
The 200-day EMA serves as a dividing line between bullish and bearish trends. Maintaining this level can reinforce market confidence and encourage buyer momentum, potentially leading to higher resistance levels and renewed interest among meme coin traders.
Featured image from Dall-E, chart from TradingView