Shiba Inu (SHIB) is facing renewed selling pressure as its price risks a 24% drop to $0.00001 amid a broader market correction. The $0.00001 support level is crucial, supported by 374,000 addresses holding 150 trillion SHIB tokens. This support is essential to prevent a prolonged downturn. Technical analysis shows SHIB in a falling wedge pattern, indicating potential for a major reversal if the support holds. The Relative Strength Index (RSI) suggests oversold conditions, possibly drawing in buyers at lower prices.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
