Shiba Inu Drops 2% Amid Market Volatility, Support Zone at $0.00001050

Shiba Inu (SHIB) has experienced a decline of 2% in the past 24 hours, currently trading at $0.00001150. This drop comes after seven consecutive losing sessions, with rising tensions in the Middle East and the upcoming Federal Reserve meeting on interest rates potentially contributing to the market volatility. The meme coin rally that began in May has not been able to reverse significant losses, with SHIB down 45.6% for the year, while other tokens like Pepe (PEPE) and Bonk (BONK) have also seen substantial declines of 49.8% and 55.4%, respectively.

One trader has identified a crucial support zone at $0.00001050, suggesting that if this level holds, SHIB could see a significant rebound. According to the analyst's forecast, a bullish Shiba Inu price prediction targets around $0.00002400, representing gains of over 110%. This support level is seen as a potential turning point for the cryptocurrency, which has been on a downtrend since its short-term exponential moving averages (EMAs) made a bearish crossover in late May. The 9-day EMA moving below the 21-day EMA triggered a sell signal known as a ‘death cross,’ which typically anticipates substantial losses.

The Relative Strength Index (RSI) is also on a downtrend, nearing oversold territory, indicating a strong downward momentum. The price action suggests that SHIB is likely to test the $0.00001050 support level in the coming days. A bounce from this support could push SHIB to retest its short-term EMAs first. A bullish breakout above this target would confirm the bullish Shiba Inu price prediction, with the next target being the 200-day EMA. Despite the recent negative momentum experienced by meme coins, other cryptocurrency projects, such as Solaxy (SOLX), could still deliver significant gains after their launch and listing on exchanges. Solaxy is a layer-2 scaling protocol for the Solana blockchain, aiming to eliminate congestion issues by bundling transactions offline in a side chain. The project has set a date for the L2 mainnet’s release on July 7, with attractive staking rewards of 78% currently being offered. Investors can purchase $SOLX at its discounted price before the token launches by connecting their wallet to the Solaxy website and swapping USDT or SOL for the token or using a bank card to invest.