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How Low Can the Shiba Inu Coin Price Get Before A Reversal Happens?

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With Shiba Inu Coin Price trading at $0.000033, investors are trying to figure how low it can get. A few months ago, the price of Shiba hit 0.000088. It is the highest price ever.

This came after a sustained rise that saw the price grow by almost 500%. At this peak, Shiba seemed unstoppable with investors expecting it to lose another zero in a matter of days.

A Shiba Inu Price Reversal at this Level Could Cause a 100% Rally

However, soon thereafter, the coin started falling. A trend that remains to date. Since hitting the peak, the Shiba coin has been on red losing about 60% from its all-time high. There have been various occasions when the coin gave signs of a reversal.

A reversal attempt has fallen short with the coin quickly resuming the bearish trend.

Price Action and Technical Indicators

From the price action charts, the coin is trading at a key level that has previously been a resistance and support area.

This area will be key in determining the next price action for SHIB in the future. There is a lot of indecisiveness going on in the market with sellers and buyers waiting to get a clear signal on the market direction.

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Momentum indicators also show it is in an oversold position. A situation that could trigger sellers to take profits triggering a buying momentum. However, the coin still maintains a strong selling power overwhelming any reversal attempts.

The lowest price in this zone was on 4th December when it hit a low of $0.000029. Hence, most analysts believe this could be the reversal price.

Since December 4th, the price is yet this low again despite being in the red.

Increasing whale Activity

Whales are starting to join the market with reports showing several transactions worth millions of dollars taking place in the last few weeks. This is an indicator the market could be nearing its bottom hence the rush. With indicators supporting a bullish momentum, you cant rule this out.

As more buyers get in, they are likely to build enough demand that could shift momentum against the sellers.

Sellers are also likely to take profits at this level to avoid being caught in a reversal.

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Future of the Shiba Inu Coin Price

With the coin remaining in red, the chances of a reversal are increasing. However, this could take a while as consolidation and indecisiveness come in.

There is a high likelihood the coin won’t go past the previous low of $0.000029. The current market fall is not unique to Shiba coin as the whole crypto industry is bearish.

Hence, we are nearing a critical level where a reversal could be imminent.

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