Shiba Inu Plunges Under $0.000015 Amid the Broader Market Crash

As Bitcoin drops under the $89,000 mark, the meme coin segment declines to $55.04 billion. With an overall segment drop of 12.89%, Shiba Inu has fallen nearly 10% in recent hours.

SHIB Price Plunges 11.77%: More Pain Ahead?

As the broader market falters, Shiba Inu witnessed an 11.77% drop last night. Influenced by the 20-day EMA acting as dynamic resistance, the meme coin continues its downward trend.

After an intraday decrease of 2.27%, Shiba Inu is currently trading at $0.000013333. This fall marks the lowest closing price since September 18, 2024.

With an escalating bearish influence, the 100-day and 200-day EMA lines have shown a negative crossover. Additionally, both MACD and Signal lines have also indicated a negative crossover.

As Shiba Inu breaches crucial support levels, its price approaches a descending trendline for potential support. Fibonacci projections hint at a further decline towards the $0.00001078 support level.

Whale Holdings Amid Shiba Inu Decline

Amid the recent market crash, whale holdings of Shiba Inu have swiftly declined. According to IntoTheBlock, the total USD value of Shiba Inu whale holdings has significantly decreased over the past week.

On February 17, wallets holding Shiba Inu worth more than $100,000 totaled $15 billion. However, with the recent decline, this value has dropped to $12.98 billion. As whales flood the market with excess supply, the meme coin’s downturn is anticipated to persist.

Shiba Inu at a Crossroads: Is $0.000010 Next?

Thus, with technical indicators triggering a sell signal and whales offloading their holdings, it is expected that Shiba Inu’s market price will retest the $0.000010 psychological mark.

On a hopeful note, the descending support trendline remains the last bullish element for a possible reversal rally. However, any reversal rally will likely face resistance near the $0.000015 psychological level.