The latest meltdown has dragged the price of Shiba Inu to a crucial support level. A crack at the support could lead to a huge decline, which may send the price back to the late 2022 low before it takes a break.

A quick recap of what happened since the start of the year as Shiba Inu completely lost momentum after touching $0.0000157 in February.

The price fell steadily to a low of $0.0000095 in March and later gained recovery to $0.0000112 in the following month. It initiated a sell again and rolled near that March’s low last week. These price swings created a lower-low and lower-high pattern on the daily chart.

Then it later consolidated around the key $0.00001 level for more than a week after experiencing a serious fall from the $0.0000119 resistance level. It slipped below the consolidation area yesterday and extended bearish to a daily low of $0.00000974 today.

The price is on the verge of losing the four-month support level of $0.0000095 in the ongoing drawdown. The descending resistance line remains a big obstacle for the bulls to overcome. If they do in the future, we can start to consider a bullish move. But as it stands now, the bears have taken over.

While at the edge of cracking the four-month support level, the nearby support to pay attention to lies at $0.00000936. It is then followed by $0.0000084 and $0.000008 support levels marked last December.

For now, the $0.0000105 resistance level remains a key retest point to watch. If recovery occurs plus a flip above the mentioned resistance line, the next buy targets to keep in mind are $0.0000117 and $0.0000129.

Key Resistance Levels: $0.0000105, $0.0000117, $0.0000129

Key Support Levels: $0.00000936, $0.0000084, $0.000008

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: kviztln/123RF

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