Shiba Inu at Crossroads: Can It Hold $0.000012 Amidst Selling Pressure?

Shiba Inu, the popular memecoin, is facing a critical juncture as it nears key support levels amidst ongoing selling pressure. The coin has experienced a significant decline, dropping 10.85% in the last 24 hours and 15.49% over the past week, with its price currently at $0.00001314.

Analysts have identified $0.000012 and $0.0000094 as crucial levels where buyers could step in to prevent further losses. If the 0.618 Fibonacci retracement level at $0.00001434 fails, $0.000012 aligns with the 0.786 Fibonacci retracement, making it a vital level to watch. Intense selling pressure could push SHIB to $0.0000094, marking a full retracement of its early 2024 rally.

A bounce from $0.000012 could indicate renewed accumulation, while a break below this level may confirm further downside. Market participants will closely monitor trading volume and whale activity to determine the next move. Technical indicators reinforce SHIB’s bearish sentiment, with the Parabolic SAR showing downward pressure and the Stochastic RSI suggesting weak momentum. The Aroon Up indicator reflects a fading bullish trend, while Aroon Down indicates minimal immediate selling strength.

According to CryptoQuant data, SHIB’s Exchange Reserves have dropped to 95.5T, meaning fewer tokens are available for sale on exchanges. This could indicate that holders are moving their assets to private wallets, suggesting potential accumulation. If this trend continues, it may support long-term price stabilization. However, SHIB’s active addresses have declined, currently around 4K, reflecting decreased network engagement. Sustained activity is necessary for a stronger price recovery.

A recent AMBCrypto report revealed that Shiba Inu’s 24-hour burn rate surged by 4,137.17%, removing a substantial number of tokens from circulation. This reduction in supply could influence future price movements if demand rises. Shiba Inu remains at a crossroads, with traders watching whether it can hold $0.000012 or if further down