Shiba Inu experienced a significant 9% drop within a 24-hour period, hitting the $0.000013 mark and setting new support and resistance levels to monitor closely. The overall market downtrend has affected prominent altcoins, including Shiba Inu (SHIB), which has seen substantial losses. Over the last three days, SHIB’s market cap has plummeted by $2.31 billion, falling below $10 billion to settle at $7.87 billion. Similarly, the valuation of the top 125 altcoins has decreased by $155 billion to $870 billion.
### Shiba Inu Falls Below $0.000015 and $0.000014
After dropping beneath $0.000016, Shiba Inu aimed to establish a stronger support at $0.000015. According to The Crypto Basic, this level had a demand wall of 91.7 trillion SHIB tokens. However, the selling pressure from Bitcoin (BTC) influenced SHIB, causing this support to break. Bitcoin’s series of selloffs yesterday triggered a rapid decline and spread market contagion.
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This contagion extended overnight, causing Shiba Inu to lose both the $0.000015 and $0.000014 support levels. A report from The Crypto Basic this morning attributed Bitcoin’s sharp drop below $54,000 as a significant factor. Consequently, Shiba Inu faced increased selling pressure, with liquidations surpassing $2 million.
With the breaches of $0.000015 and $0.000014, Shiba Inu has now established new resistance and support levels, which are crucial for determining its price direction in the short and mid-term.
### New SHIB Levels to Watch
SHIB has fallen below the lower Bollinger Band at $0.00001437. Reclaiming this level is essential for the bulls to muster enough strength for a potential full recovery. Failure to achieve this could result in further price declines.
### Shiba Inu Fibonacci Levels
If Shiba Inu recovers the lower Bollinger Band, it will face the 23.6% Fibonacci retracement level at $0.00001663, which is vital for reclaiming the 20-day SMA ($0.00001735).
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Surpassing the 20-day SMA could shift SHIB’s short to mid-term momentum from bearish to bullish. Sustained buying pressure could then push Shiba Inu towards the 0.382 Fibonacci level at $0.00001911, which is critical for breaking the psychological $0.00002 threshold.
However, the $0.000015 to $0.000019 price range is expected to pose significant resistance. According to IntoTheBlock’s GIOM metric, this level has a supply wall of over 437.32 trillion SHIB, the largest volume resistance on Shiba Inu’s recovery path.
### Shiba Inu Robust Resistance | IntoTheBlock
Breaking through the $0.000019 level would likely result in minimal resistance, but the upper Bollinger Band at $0.00002042 could present challenges.
Conversely, bulls need to defend against deeper declines. The overall crypto market’s performance, particularly Bitcoin’s volatility, will play a crucial role in determining the next direction. Bulls must protect the $0.00001262 level to prevent further drops, with the 155.9 trillion SHIB support at $0.00001 being crucial for this defense.
### Shiba Inu Robust Support | IntoTheBlock
**Disclaimer:** This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s stance. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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