Shiba Inu (SHIB) Faces Critical Support Test at $0.00001 Amid Continued Sell-Off

• Shiba Inu is on the brink of losing a vital support level, hovering at the $0.00002 mark.
• Breaking this support has opened the door for a potential drop towards the $0.00001 price.
• A noteworthy detail is that the Relative Strength Index (RSI) points to SHIB being in oversold territory.

Shiba Inu stands at a critical juncture as it faces increased selling pressure, threatening key support levels and potential price reversals.

Imminent Threats to Shiba Inu’s Support Levels

Shiba Inu recently breached the critical $0.00002 support level, triggering a sharp decline. Market analysts observe strong selling pressure that could drive SHIB towards the $0.00001 mark. The daily chart reveals a steep drop, underscoring the volatility and sellers’ dominance.

The Role of RSI in SHIB’s Potential Reversal

Despite SHIB’s current oversold status on the RSI, the bearish trend might continue. Key reversal zones are identified at $0.000015 and $0.00001, where buyers might step in to catch the falling asset. Historically, these zones act as psychological levels that attract buying interest.

Multi-month Low Levels and Market Sentiment

As SHIB approaches multi-month lows, the $0.00001 level emerges as a crucial support. This threshold could attract significant buying interest, potentially stabilizing the price. Weekly charts also reflect this trend, showing major resistance levels and indicating SHIB’s long-term support. The current market sentiment remains bearish, though the weekly RSI suggests oversold conditions that could spark a reversal.

Conclusion

In summary, Shiba Inu is facing critical support tests as selling pressure mounts. The $0.00001 level serves as a pivotal point, offering a chance for a price rebound. Market participants should monitor these levels closely, as they could define SHIB’s near-term trajectory in the volatile crypto market.