What if Shiba Inu fails to hold the support at $0.00003?

During the last 24 hours, the price of Shiba Inu failed to take control and experienced a decline of 3.19%. If this negative performance continues, the currency could suffer more losses in the short term due to investor fatigue. In this work we present some possible scenarios for the dog coin.

During the year 2023, this meme coin made remarkable progress on its roadmap and focused on its triumphant entry into DeFi. However, its price remained remarkably stable until entering the first quarter of 2024, when it managed to eliminate one of the five zeros.

This powerful push came to a halt as the coin approached $0.000037 in a strong rejection. Since then, the coin has struggled to hold above the $0.00003 range as a starting point to maintain bullish prospects in the short term. But testing that area multiple times makes analysts fear the worst.

Generally, when a token fails the test several times without establishing itself above a barrier, it leads to investor fatigue. These leave the asset to seek others with greater chances of reporting returns.

Shiba Inu prospects in the short term

As already mentioned, Shiba Inu price fails to maintain strength and is likely to fall to the low of $0.00003. For YouToday experts, the loss of that important hurdle could set the next support lines at $0.000027 and $0.000021 per coin.

On the other hand, if the token manages to hold the $0.00003 line, there are chances that the bullish trend will resume. The latter largely depends on what the price of Bitcoin may do in the coming days or weeks. It should not be overlooked that the stop is just around the corner.

Either way, market sentiment towards the currency remains relatively neutral. The 50-day exponential moving average (EMA) indicates a natural bullish trend in the long term. This means that holding the coin can be a “safe” investment.

In the short term, the situation looks a little more complicated and neutrality could turn to pessimism with any large accumulation. On the other hand, the network condition is impeccable and the token burn rate remains respectable.

Despite the possible exhaustion, Shiba Inu price remains in the green with a gain of 9.69% over the past week.

Disclaimer: This work is for informational purposes only and should not under any circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and holding capital in them can result in total loss.