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The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has lost more than 17% in the last two days as one of the largest “vampire attacks” on a cryptocurrency market liquidity took place.
For SHIB, which is a fairly established asset with a market cap of over $12.5 billion, such a shakeout is painful, despite being a meme coin and therefore seen as a volatile and risky play on the crypto market.
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As a result of this sell-off, the price of the Shiba Inu token went all the way off the two key price levels of $0.000025 and $0.00002, finding solid support at the latter.
To put it in another perspective, the price of SHIB has not breached this crucial support since November, and in fact has tested it several times in the last two months. Even after more severe and rapid corrections in December, the price of the Shiba Inu token held at $0.00002, and this time is no exception.
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We may already be seeing a bullish hand at this level as the meme token rebounded 5% after hitting this rock bottom. This does not mean that the bottom has been reached and that there is nowhere to go but up.
Even the current bounce could be purely technical, as every major move is followed by a correction, that’s how markets work, and SHIB could go back to $0.00002. The main point is that this price level provides a better background to make a decision on the token, and as the price remains above it, the bullish bias prevails.
Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.
