The cryptocurrency market recently suffered its worst intraday decline of 2024. Major cryptocurrencies like Shiba Inu (SHIB), Bitcoin, and Ethereum experienced significant price drops. This downturn occurred amid rising recession fears and escalating geopolitical tensions.
Bitcoin and Ethereum Hit Hard
On Sunday, Bitcoin plunged to an intraday low of $52,559. This marked its lowest point since late February. Meanwhile, Ethereum fell to $2,152, experiencing its steepest drop since December 2022. Shiba Inu also faced challenges, trading at $0.00001211, reflecting a 15% decline over the last 24 hours.
Shytoshi Kusama Offers Insight
In response to the market crash, Shytoshi Kusama, Shiba Inu’s lead developer, hinted at a buying opportunity. He shared a post from crypto influencer Oscar Ramos. The post stated, “They really want your cheap crypto. Are you gonna sell to them?” Kusama’s message suggests that the current dip could be a strategic buying moment.
Many analysts agree with this sentiment. They often advise investors against panic selling during market downturns. Instead, they recommend viewing these dips as chances to acquire cryptocurrencies at lower prices.
Technical Analysis of Shiba Inu (SHIB)
Shiba Inu currently shows a bearish trend, with its price at $0.00001109. This price is down from a recent high of $0.00001325. The analysis of Exponential Moving Averages (EMAs) indicates that the price sits below all major EMAs. The EMA 20 stands at $0.00001570, while the EMA 50 is at $0.00001741.
Additionally, the Relative Strength Index (RSI) currently sits at 20.34. This level indicates that SHIB is in oversold territory, suggesting a potential rebound may occur soon.
Support and Resistance Levels
The immediate support level for SHIB rests at $0.00001064. If this level breaks, the next psychological support may be at $0.00001000. Resistance is likely at the 20 EMA level of $0.00001570. If SHIB breaks through this, it could target the 50 EMA at $0.00001741.
Read Also: Could Shiba Inu Skyrocket to $0.0005 If Ethereum Hits $100,000?
Overall, the long-term outlook for SHIB will depend on broader market conditions and specific developments related to Shiba Inu.
