**Shiba Inu Dips Below $0.000015 Amid Market Turmoil: Will Increased Supply Push SHIB to $0.000010?**
As Bitcoin falls below the $89,000 threshold, the meme coin market has shrunk to $55.04 billion. With an overall segment decline of 12.89%, Shiba Inu has experienced a nearly 10% drop in just a few hours. Given the rising selling pressure, could Shiba Inu be on the verge of testing the $0.000010 psychological support? Let’s explore this further.
**SHIB Price Drops 11.77%: Is More Pain on the Horizon?**
In the wake of the broader market downturn, Shiba Inu recorded an 11.77% decline last night. The 20-day EMA has been acting as a dynamic resistance, contributing to the ongoing downward trend of this meme coin. After an intraday dip of 2.27%, Shiba Inu is currently trading at $0.000013333. This recent drop marks its lowest closing price since September 18, 2024.
With bearish sentiment on the rise, both the 100-day and 200-day EMA lines have crossed negatively. Additionally, the MACD and Signal lines have also shown a negative crossover. As Shiba Inu continues to breach critical support levels, the price is nearing a descending trendline that could offer some potential support. Fibonacci projections indicate a possible decline toward the $0.00001078 support level.
**Whale Holdings Take a Hit Amid Shiba Inu’s Decline**
During this recent market crash, whale holdings of Shiba Inu have seen a swift decline. According to IntoTheBlock, the total value of Shiba Inu held by whales has dropped significantly over the past week. On February 17, wallets holding more than $100,000 worth of Shiba Inu were valued at $15 billion. However, following the recent downturn, that figure has plummeted to $12.98 billion. As these whales flood the market with excess supply, the downward trend in this meme coin is likely to persist.
**Shiba Inu at a Crossroads: Is $0.000010 Next?**
With technical indicators signaling a sell-off and whales offloading their holdings, the Shiba Inu market price is anticipated to retest the $0.000010 psychological mark. On a brighter note, the descending support trendline remains the last bullish element that could spark a reversal rally. However, any potential recovery will likely encounter resistance near the $0.000015 psychological level.
In summary, as Shiba Inu navigates through this challenging market landscape, all eyes will be on its ability to hold above critical support levels and the actions of whale investors in the coming days.
