Shiba Inu Breaks Below Key $0.000009 Support; What's Next?

Shiba Inu finally broke below a pivotal support level this week that had held firm since mid-January, raising the risk of an extended selloff toward further depths.

SHIB collapsed below $0.000009 support amid a broader cryptocurrency meltdown that has Bitcoin hovering around $39,000. The meme token has shed nearly 8% over the last seven days, with technically significant support levels now in danger.

The breakdown quashed hopes that embattled SHIB bulls could use the $0.000009 level as a launchpad once markets eventually turn. Instead, price erosion opens the door to testing new support tiers highlighted by analysts.

Also read: Dogecoin (DOGE) February Price Prediction

Will Shiba Inu plunge lower?

Shiba Inu: $1000 in SHIB Becomes $9 Million in January 2024

For now, SHIB is clinging above its 0.5 Fib line around $0.0000087. However, continued pressure risks breaching that support to feed additional capitulation toward the highly symbolic $0.000008 figure, which represented resistance last November.

To avoid that outcome, Shiba Inu needs to reclaim its former foothold at $0.000009 fast. With Bitcoin struggling for traction of its own, analysts aren’t highly confident in the prospects of major altcoins regaining lost ground for now.

Buying interest also risks further deterioration if lower support thresholds cave and validate a technical breakdown. Without a swift trend change, SHIB remains vulnerable to revisiting almost two-year lows.

Also read: 5 Cryptocurrencies Under $0.10 That Can Rally Like Shiba Inu

Next levels to watch

According to the latest data, SHIB’s crucial test starts with defending $0.0000087 support in the coming days. A decisive daily close below that level likely opens the door to nullifying additional defenses.

Data from CoinGecko shows that SHIB has been trading in the red. The second-largest meme coin has shed almost 20% in the last 30 days.

From there, only a sudden surge of buying interest and positive sentiment tied to crypto-specific developments could prevent the mem coin from extending its protracted crash since 2021 all-time highs.

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